War in Ukraine enters sixth month

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India’s Adani Group ‘deeply overleveraged’, CreditSights says

India’s Adani Group, controlled by billionaire Gautam Adani, is “deeply overleveraged” and its many investments in capital-intensive businesses could pose long-term risks to investors, Fitch Group’s debt research unit CreditSights said on Tuesday. The conglomerate’s debt-funded growth plans could spiral “into a massive debt trap” and culminate in distress or default of its companies and the broader Indian economy in a “worst-case scenario”, CreditSights said. An Adani Group spokesman did not immediately respond to a request seeking comment.

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