Adani Group said to be renegotiating loans

Adani Group tumbled overnight following reports the company is unable to repay its debt.

According to The Economic Times of India, Adani Ports & Special Economic Zone is looking to renegotiate the terms of $4bn worth of loans.

It also said the company was in talks over the terms of loans taken last August for the acquisition of its cement assets.

The Economic Times said that Adani - which is owned by Gautam Adani, Asia’s richest man - denied the report.

In January, US short seller Hindenburg Research sparked a selloff in Adani shares after it published an explosive report accusing it of "brazen" corporate fraud.

Hindenburg alleged that Adani had used undisclosed related-party transactions and earnings manipulation to "maintain the appearance of financial health and solvency" of its listed operations. Adani said the report was "maliciously mischievous" and "unresearched".