Adani Pulls Off $2.5 Billion Offering After Late Bids

The Adani Group successfully filled its order book for a $2.5 billion share sale, despite initial doubts due to allegations from a US short seller. Institutional investors showed strong demand, but retail interest was weak. The market turmoil forced Adani to pledge more shares to cover a $1 billion bank loan. Consequently, Adani's wealth ranking dropped from 4th to 11th globally, with a $35 billion loss in three days.

What were the implications of the allegations from the US short seller Hindenburg on Adani Group?

What was the reason for Adani needing to pledge more shares to cover the loan from banks?