Legendary investor Mark Mobius said he shunned embattled Adani's share sale over debt concerns but he's still bullish on India

• Billionaire investor Mark Mobius said his firm avoided the share sale by Adani Enterprises that was later pulled. 
• The debt load at Indian conglomerate Adani and its associates "sort of scared us away," he told Bloomberg.
• The Adani Group was accused of stock manipulation by short seller Hindenburg. 

Mark Mobius, a pioneer in emerging-markets investing, said his firm didn't take part in Adani Enterprises' stock sale before it was scrapped because it had concerns about the embattled Indian conglomerate's debt. 

"It's all about debt. The company and its associates are heavily in debt, and that's what sort of scared us away," the founding partner of Mobius Capital Partners said in a Bloomberg interview Thursday.