The Adani Group's debt and the exposure of LIC and public sector banks to the firm have been a cause for concern ever since the Hindenburg report accused the conglomerate of inflating stocks. While the RBI and LIC, as well as the government have downplayed the exposure as limited, Adani has been prepaying loans to address concerns about debt. But now the world's largest financial newspaper Nikkei Asia has found that Adani's debt is equivalent to 1 per cent of India's economy.

Nikkei's analysis, which took NDTV, Ambuja Cement and ACC's debt into account, found that the Adani Group needs to pay up Rs 3.39 lakh crore. Considering that India's nominal GDP was Rs 273 lakh crore by the end of October 2022, the Adani debt is 1.2 per cent of that figure. This analysis only looked at the 10 listed companies, which have assets worth Rs 4.8 lakh crore, but the debt could turn out to be higher if several privately held firms of the Adani Group are taken into consideration.

Former Union minister and senior BJP leader Subramanian Swamy has said he wants the Centre to nationalise the assets of Adani Group, which has faced scrutiny after its stocks tumbled following a report over its financial deals and a ruckus was created in Parliament by opposition parties over it.

In an interview with PTI, Swamy spoke about how his recent tweet on being “sorrowful” regarding the demise of former Pakistan president Pervez Musharraf which has received a lot of criticism online.

Shares of several Adani Group listed companies have bounced back strongly on the stock market, a day after the Gautam Adani-owned conglomerate prepaid loans worth $1.1 billion to release pledged shares of some group companies. 

The group finally seems to be gaining its footing on the stock market after being hammered for more than two weeks, following a damning report released by US short seller Hindenburg Research.

The report, which raised concerns about the group's mounting debt, accounting fraud and stock manipulation, led to a total market loss of over $100 billion for the conglomerate. 

Adani Enterprises and its subsidiary companies have taken out unsecured loans totalling Rs 11,574 crore, which are now at the risk of being recalled by banks and financial institutions.

Though there is no material change in the company's financial performance, the recent allegations made by short-seller Hindenburg Research against the Adani Group have already led to a significant change in the market's perception of the Adani Group companies.

Adani Enterprises, which acts as a holding company, closed the last financial year with consolidated revenue of Rs 70,432 crore and net profit of Rs 787 crore.

Opal Investment Pvt. Ltd. is an offshore company that is a major shareholder in Adani Power, the energy firm at the heart of Indian billionaire Gautam Adani's business empire, reported Wall Street Journal.

In its most recent quarterly report, Adani Power portrayed Opal as an independent stakeholder with no ties to the ports-to-power complex other than its 4.69% ownership in Adani Power.

According to corporate filings obtained by The Wall Street Journal, Opal was formed on the island country of Mauritius by Trustlink International Ltd., a financial-services firm with ties to the Adani family.