Shares of Adani Group companies tumbled on Tuesday after a report said the conglomerate was seeking to renegotiate terms of outstanding loans worth $4 billion taken last year to buy cement firms ACC and Ambuja Cements .
The group, led by billionaire Gautam Adani, has begun negotiations with lenders to extend the tenure of its $3 billion bridge loan to a period of five years or beyond from the existing 18 months, the Economic Times said on Tuesday, citing sources.
The original plan was to refinance a large portion of the loans via long-term bonds but that looks difficult given the current market conditions, the newspaper cited a banker as saying.
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