“If for some reason they can’t borrow more money or if their cash flow becomes insufficient to cover debt service, we would become concerned,” said the investor on condition of anonymity.
However, underlining the nervousness in some quarters, Bloomberg reported on Wednesday that Credit Suisse CSGN.S has stopped accepting bonds of Adani group companies as collateral for margin loans to its private banking clients.
There was no immediate comment from Credit Suisse.
“The next question for the allegations partly depends on whether SEBI or others conduct an investigation,” said Travis Lundy, analyst at Quidity Advisors, writing on investment research network SmartKarma.
Adani Enterprises lost nearly 6% on Wednesday to bring its losses since the Hindenburg report to over $8 billion. The current market price of Rs 2,803 is also below the indicative price band for the offer.
Lundy said, “To make another offer, they would need to prove there was success last time – either by stock price or business growth – and that they have a grand plan.”