India's Adani Group may have passed a key test by raising $2.5 billion in the face of a short-seller attack, but its response to the allegations and the outcome of regulatory probes will shape its prospects, analysts and investors say.
The completion of the secondary share offering to raise $2.5 billion, India's largest such deal, alleviates some of the pressure on Adani's credibility, said Ken Shih, Hong Kong-based head of wealth management at Saxo Markets.
"There may be even more organised short sell attacks ... given they were unable to clearly squash all remaining concerns and allegations yet. Until that happens there is blood in the water now and other short sellers might come circling."
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