Wednesday, March 11, 2020
India’s cash-strapped barons may have to be ready for more yard sales of their crown jewels as stock volatility and ongoing credit market uncertainty pressure their ability to pay loans.Indian business leaders often take against the backing of their main assets - stakes in their listed firms.
The value of such pledged shares has shrunk as the coronavirus outbreak triggered a sell-off globally.
That’s placing more pressure on these barons looking to refinance. Founders at 811 Indian companies have pledged shares worth 1.8 trillion rupees ($24.4 billion) as collateral, according to Bombay Stock Exchange data.
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