Veteran emerging markets investor Mark Mobius says India's embattled Adani Group could pull itself back from the brink, despite $100bn being wiped from the value of its companies after a US-based hedge fund accused it of fraud and stock price manipulation.

The 86-year-old investor, who spent more than three decades at Franklin Templeton before setting up Mobius Capital Partners in 2018, was deterred from taking part in Adani Enterprises’ $2.4bn equity raise due to high levels of debt across the Indian conglomerate.