Adani credit facilities expose collateral web full of red flags

Adani Green’s stock price has fallen almost 70% this year, while its debt has also slumped. The company said on Feb. 7 it had won the backing of investors after reporting third-quarter net income that more than doubled from a year earlier. Adani Green CEO Vneet S. Jaain said the results proved the company has a “robust capital management program with leverage well aligned with the business model.”