An easy-to-understand and fun explanation of how Adani Group is drowning in debt

They’re less affected – directly – by the stock price going down. If the
stock price goes down, it means that either the promoter or the foreign
investors are selling. If they’re selling, it’s probably to get access to
cash. If they need cash it’s probably for their debt repayments.

This is the likely order of things

1. Adani needs cash
2. Not getting loans anymore (obviously this will take a lot of time)
3. Has to sell stock for cash
4. Share price will fall
5. If share price falls, banks holding on pledged shares will panic. Share
   price will fall further
6. Adani will use cash to repay loans and make bond payments. This will
   give it some time to recover
7. In this time, Adani can either sell his assets to generate cash or
   surrender his assets that were given as collateral.