Credit Suisse stops accepting Adani bonds

In further trouble for Adani Group, a report on Wednesday said Credit Suisse Group AG stopped accepting bonds of Gautam Adani's group of companies as collateral for margin loans to private banking clients.

The move comes amid heightened scrutiny of the conglomerate's finances after allegations of fraud by US short seller Hindenburg Research. Adani Group stocks crashed after this news emerged.

According to Bloomberg, the Swiss lender's private banking arm has zero lending value for notes sold by Adani Ports and Special Economic Zone, Adani Green Energy and Adani Electricity Mumbai Ltd.

Sources said that it had previously offered a lending value of about 75% for the Adani Ports notes.

Other banks have been lending against Adani debt as of now. At least two European private banks haven't changed their lending levels as of now, with one of those offering lending between 75% and 80% of Adani Ports dollar bonds, which could trigger a rating downgrade, said the report.

A representative at Adani Group said they had no relationship with Credit Suisse's private bank.