Gautam Adani stock rout continues as loan talks fail to ease worries

News Network
February 3, 2023

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Mumbai, Feb 3: The brutal stock rout in Gautam Adani’s companies continued Friday, an indication that the billionaire needs to do more to restore confidence in his conglomerate’s financial health after accusations of fraud by Hindenburg Research.

The group’s 10 stocks all fell in early Mumbai trading, with $120 billion, or more than half of their combined value, erased since the US-based short seller last week claimed that offshore shell entities were used to inflate Adani group’s revenues and manipulate stock prices. Flagship Adani Enterprises Ltd. sank as much as 25%, taking its decline to 66% in seven trading sessions.

The continued slump reflects worries about Adani’s access to funding after the tycoon scrapped a key stock offering this week, and as long-held concerns about the group’s debt load were propelled onto the global stage by Hindenburg. The embattled tycoon is in talks with creditors to prepay some loans backed by pledged shares, as some banks stopped accepting the securities of the group that spans from ports to energy as collateral in client trades.

“Clearing of pledges may not help. Now the only point is investors are not just interested in clearing pledges, they want concrete plans and actions,” said Sameer Kalra, founder of Target Investing in Mumbai. “The use of every rupee on balance sheet is critical now. There are a lot of stakeholders.”

The crisis of confidence in Adani has become a national issue with opposition lawmakers disrupting parliament on Thursday to demand answers from Prime Minister Narendra Modi’s government, given how closely his interests are intertwined with the nation’s growth plans. Government officials have sought to downplay the impact.

Hindenburg Research last week accused the Adani group of “brazen” market manipulation and accounting fraud, claiming that a web of Adani-family controlled offshore shell entities in tax havens were used to facilitate corruption, money laundering and taxpayer theft.

The conglomerate has repeatedly denied the allegations, called the report “bogus,” and threatened legal action. Adani gave a video speech on Thursday stating that the group’s balance sheet is healthy.

The conglomerate has repeatedly denied the allegations, called the report “bogus,” and threatened legal action. Adani gave a video speech on Thursday stating that the group’s balance sheet is healthy.

In a reprieve for Adani, who has seen his personal fortune drop by $58 billion since the allegations, the group’s bonds rallied Friday after Goldman Sachs Group Inc. and JPMorgan Chase & Co. told some clients that the debt can offer value due to the strength of certain assets. All 15 dollar debt securities advanced, partly helped by news that Adani Ports & Special Economic Zone Ltd. has made a coupon payment on schedule.

Meanwhile, banks have been tightening scruty on Adani companies’ securities. Units of Credit Suisse Group AG and Citigroup Inc. earlier this week stopped accepting some securities issued by Adani’s companies as collateral for margin loans to wealthy clients.

Separately, Lord Jo Johnson, the former Conservative minister and brother of former UK prime minister Boris Johnson, has resigned as a director of Elara Capital, a London-based firm embroiled in the controversy at the Adani empire, the Financial Times reported. The firm was one of the 10 bookrunners on the record share sale that Adani Enterprises abruptly abandoned earlier this week.

Adani’s proposed loan prepayment would see lenders release some of the stock in the group’s companies that was pledged as collateral, Bloomberg News reported, citing a person with knowledge of the matter. The Indian group hasn’t faced margin calls on these pledges and is seeking the prepayment proactively, the person added.

“Markets are looking for clarity on allegations and are likely not calmed via clearing of pledges,” said Nitin Chanduka, a strategist with Bloomberg Intelligence.

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News Network
February 4,2026

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An Indian resident who won the Dh20 million (approximately Rs 50 crore) jackpot in Abu Dhabi's Big Ticket draw has told of his joy at sharing his life-changing fortune with a friend.

Shanthanu Shettigar, a shop manager in Muscat, regularly buys tickets for the monthly grand prize draw with one of his closest friends – and the pair won on February 3.

Mr Shettigar, 33, who is from Udyavar in Udupi district of the southern state of Karnataka and has lived in the Omani capital for eight years, said he was left speechless after learning of his success.

“When I first moved to Muscat, many of my colleagues were purchasing Big Ticket, which encouraged me to give it a try,” he said.

“I started buying tickets on my own, and later began sharing tickets with a close friend. The ticket that brought me this win was one we purchased together.”

“Like most people, I receive a lot of spam calls, and I was fully absorbed in my work as well. I knew the live draw was taking place tonight, but I never imagined my name would be announced,” he said.

“When I realised it was real and that I had won, I was honestly speechless. It still hasn’t fully sunk in, but I’m extremely happy.”

Mr Shettigar is not sure how he will spend his share of the money, but encouraged others to take part.

“This win was completely unexpected, so I want to take some time to think things through before deciding what to do next,” he said.

“I would definitely encourage others to participate with Big Ticket, whether with family or friends – you never know when your moment might come.”

The Big Ticket was established in 1992 with an initial first prize of Dh1 million. It is one of the most popular monthly raffles in the UAE.

It has transformed the lives of many people across the Emirates and beyond.

Entry to the Big Ticket Millionaire is Dh500. Tickets can be bought online or at counters at Zayed International Airport and Al Ain Airport.

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News Network
January 31,2026

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Bengaluru: The shooting incident involving CJ Roy, founder of the Confident Group, has once again put the spotlight on a businessman whose life has swung between flamboyant global success and persistent controversy at home.

Though Roy’s business interests extended across continents, his roots lay firmly in Karnataka. An alumnus of Christ School in Bengaluru, he later moved to Tumakuru to pursue an engineering degree. Those familiar with his early years describe him as intensely ambitious, beginning his career as a salesman at a small electronics firm dealing in computers.

Roy’s entry into large-scale real estate came through the Crystal Group, where he worked closely with Latha Namboothiri and rose from manager to director. However, the launch of the Confident Group in 2005 was clouded by industry speculation. Insiders speak of a fallout involving alleged “benami” properties and claims of deception that ultimately led to his independent venture—an episode Roy spent years trying to distance himself from, according to associates.

A tale of two cities

Roy’s professional trajectory diverged sharply across geographies.

In Dubai, he built a reputation as a bold and efficient developer, completing massive luxury residential projects in record time—some reportedly within 11 months. His rapid project delivery and lavish lifestyle in the Emirates earned him admiration and visibility in the real estate sector.

In Bengaluru, however, his image remained far more fractured. Sources say Roy stayed away from the city for several years amid disputes over unpaid dues to vendors and suppliers. Several projects were allegedly stalled, with accusations of unfulfilled commitments to cement and steel suppliers continuing to follow him.

Roy’s return to Bengaluru’s business and social circles began around 2018, marked by a conscious attempt at rebranding. His appointment as Honorary Consul of the Slovak Republic added diplomatic legitimacy, which he complemented with visible CSR initiatives, including ambulance donations and high-profile charity events.

Heavy police presence in Langford Town

Following the incident, police personnel from the Central division were deployed outside the Confident Group building in Langford Town, which also houses the Slovak Honorary Consulate in Bengaluru.

The otherwise busy premises near Hosur Road wore a deserted look on Friday, reflecting the shock and uncertainty that followed the tragedy.

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coastaldigest.com news network
February 5,2026

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Mangaluru: The KSRTC Mangaluru division has rolled back the fare hike on buses operating on the Mangaluru–Kasaragod route following the suspension of toll collection at the Arikkady toll plaza near Kumbala in Kasaragod district.

The fare revision had been implemented after the National Highways Authority of India (NHAI) began toll collection at the Arikkady plaza on NH-66. As a result, fares for ordinary and Rajahamsa services were increased by ₹7 and ₹10, respectively, raising the bus fare from Mangaluru to Kasaragod from ₹81 to ₹88.

Senior Divisional Controller of KSRTC’s Mangaluru division, Rajesh Shetty, said the fares were reduced after toll collection at the Arikkady plaza was stopped. “The tollgate began operations on January 13, and the toll amount was deducted from the FASTag accounts of KSRTC buses operating on the route. Following an order from the central government to suspend toll collection, KSRTC has also withdrawn the additional fare with immediate effect,” he said.

At present, vehicles travelling on the Mangaluru–Kasaragod route pay toll only at the Talapady toll plaza. The toll for light motor vehicles (LMVs) at Talapady is ₹80 for a same-day return, while heavy vehicles, including buses, are charged ₹250. At Arikkady, the toll rates were ₹130 for LMVs (same-day return) and ₹450 for buses.

Protests against Arikkady toll plaza

The Arikkady toll plaza witnessed widespread protests from January 12, the day toll collection commenced. On the second day, an action committee led by Manjeshwar MLA A K M Ashraf launched an indefinite protest at the site. Except for the BJP, leaders and workers of most major political parties participated in the agitation.

On the night of January 14, a large number of protesters gathered at the plaza and vandalised property, following which authorities temporarily suspended toll operations. The BJP later also expressed opposition to the toll plaza and criticised NHAI’s decision. 

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