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Adani’s go-to bankers at Barclays turn cautious after Hindenburg

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For more than a decade, Barclays Plc has been the go-to bank for Indian billionaire Gautam Adani, leveraging a relationship forged when only a few global firms were working with the emerging conglomerate. An explosive report by short-seller Hindenburg Research in January has changed all that, prompting the bank to pare its exposure, leaving a hole in an Indian business that’s been a key driver of the firm’s Asian growth for years. Executives at the highest levels are scrutinizing ties with Adani, turning more cautious about adding new business pending a regulatory probe that’s supposed to end next month, according to people familiar with the matter. While Barclays hasn’t closed the door on the group, it’s negotiated repayment on some loans, including financing for a massive cement deal last year with Holcim AG,
the people said.

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