In Adani Story 2, posted on February 15, I wrote "What if the security is created in a round about way that does not fall within the mischief of pledge reporting? What if accommodation entries help in reducing the year-end loan figure? Thus, it is not inconceivable that the total system leverage (company + promoter) is more than the numbers floating around."
These thoughts were earlier shared with participants from SBI Mutual Fund at the National Institute of Securities Market (NISM) on February 10.
It is clear that there is layer after layer of leverage. Like in an onion, peel off one layer and the next layer is visible. Peeling onions makes you cry. Investors in Adani group stocks are already crying. Wonder who will be next.