Tag: Adani

Adani speaks for first time since turmoil as stock rout continues

[ad_1]
New Delhi: Embattled billionaire Gautam Adani on Thursday spoke publicly for the first time since his ports-to-energy conglomerate publicly battled a short seller’s accusation of stock manipulation and accounting fraud, saying the abrupt move to withdraw a fully-subscribed share sale at his flagship firm was due to market volatility.
His group continued to lose on the stock market, with the cumulative rout now nearing USD 108 billion in a week — one of the biggest wipeouts in India’s history.
“After a fully subscribed follow-on public offering (of Adani Enterprises Ltd), yesterday’s decision of its withdrawal would have surprised many. But considering the volatility of the market seen yesterday, the board strongly felt that it would not be morally correct to proceed with the FPO,” Adani said in a video message to investors.
The company decided to refund the money to investors.
Adani Enterprises Ltd (AEL) closed at Rs 1,564.70 on the BSE on Thursday, less than half the price at which shares were offered to investors in the follow-on public offer (FPO) that closed on January 31.
Sources close to the group said it was felt that investors may feel cheated for investing in AEL shares in a price band of Rs 3,112-3,276 when the stock is available in the open market at a much lesser rate.
The offer price of the Rs 20,000 crore FPO was at a discount to the trading price when it was first announced last month. But the US-based short seller’s report triggered a selldown in stocks of all 10 group companies and the cumulative loss of value is now close to USD 108 billion.
“In my humble journey of over 4 decades as an entrepreneur I have been blessed to receive overwhelming support from all stakeholders, particularly the investor community… For me, the interest of my investors is paramount and everything is secondary. Hence to insulate the investors from potential losses, we have withdrawn the FPO,” Adani said.

US-based short seller Hindenburg Research’s report and the stock rout figured in Parliament on Thursday, with opposition parties seeking a discussion and a probe by a joint parliamentary committee (JPC).
The Reserve Bank of India (RBI) has also asked banks for details of their exposure to the Adani Group.
Adani said the decision to withdraw the FPO will not have any impact on the group’s existing operations and future plans. “We will continue to focus on timely execution and delivery of projects.”
“The fundamentals of our company are strong. Our balance sheet is healthy and assets, robust. Our EBITDA levels and cash flows have been very strong and we have an impeccable track record of fulfilling our debt obligations. We will continue to focus on long term value creation and growth will be managed by internal accruals,” he said.
The share sale plans will be considered once the market stabilises.
“Once the market stabilises, we will review our capital market strategy,” he said.
Adani group, he said, has a strong focus on ESG and every business will continue to create value in a responsible way. “The strongest validation of our governance principles comes from several international partnerships we have built across our different entities.”
Abu Dhabi’s International Holding Co., which invested about USD 400 million in AEL’s FPO as anchor investor, said the funds have been returned.
It was among 33 investors who poured in close to Rs 6,000 crore on January 24 — the day Hindenburg came out with its report.
State-run insurance behemoth Life Insurance Corporation (LIC) took 5 percent of the anchor portion. It already holds a 4.23 percent stake in AEL and has exposures in other group companies as well, including a 9.14 percent stake in Adani Ports and 5.96 percent in Adani Total Gas.
The FPO opened to the public on January 27 and managed to get fully subscribed on the last day on January 31 after non-retail investors poured in money even though the offer price was higher than the stock’s trading price on the bourses.
Adani, who last year became the world’s second-richest man with a USD 147 billion fortune, has seen his own personal wealth plummet by around USD 57 billion since then.
The January 24 report accused Adani Group companies of “brazen stock manipulation and accounting fraud”. The group has denied all allegations, calling the report “bogus” and full of lies, and has threatened legal action.
Citigroup Inc’s wealth arm as also Credit Suisse Group AG have stopped accepting securities of Adani Group firms as collateral for margin loans as banks ramp up scrutiny of the conglomerate’s finances.
Hindenburg in its report said Adani companies had “substantial debt” and that shares in seven listed companies have an 85 percent downside due to what it called “sky-high valuations”.
Adani Group has maintained that its companies have “consistently de-levered”.
[ad_2]
#Adani #speaks #time #turmoil #stock #rout #continues
( With inputs from www.siasat.com )

February 2, 2023
Cong demands SC-monitored probe or JPC to look into fraud charges against Adani Group

[ad_1]
New Delhi: The Congress on Thursday demanded an impartial investigation under the supervision of the Supreme Court or a joint parliamentary committee to probe the charges raised in the Hindenburg report against the Adani Group.
A joint opposition raised the Hindenburg report in both the Houses of Parliament demanding a discussion on the issue. The opposition parties also created an uproar after adjournment notices by several members in this regard were rejected by the chair in both Lok Sabha and Rajya Sabha, leading to adjournment of the Houses for the day.
No business was transacted in the Houses.
The Congress has also decided to protest outside the offices of LIC and SBI in all districts across the country on February 6.
Congress president Mallikarjun Kharge termed it as a “scam” and said the opposition parties have also called for day-to-day reporting of the joint parliamentary committee (JPC) or the SC-monitored probe into the issue concerning public money.
“Keeping public interest in mind, we want a thorough probe into the Adani issue either by a joint parliamentary committee or a Supreme Court-monitored probe. There should also be day-to-day reporting of the investigation on the issue,” he told reporters.
Kharge said on behalf of like-minded opposition parties, he demands either a JPC or an SC-monitored investigation in the manner in which government owned companies “are forced to invest in firms that have been exposed by the Hindenburg report”.
He said along with him eight other opposition MPs had given notices in the Rajya Sabha for a discussion on the Adani Group crisis and investment of PSUs like Life Insurance Corporation (LIC) and State Bank of India (SBI) in the group.
“Whenever we have given a notice, it has not been accepted by the chair”, the Congress leader said, noting that this is the reason all opposition parties jointly decided to raise the issue in the Upper House.

“That is why, we decided to raise the (Adani) issue in one voice in the House as crores of money of common people is invested in LIC, and public money in banks is being given to such companies against whom foreign agencies have come out with charges of irregularities,” he said.
AICC general secretary K C Venugopal said responding to the “public sentiments and outrage against the moves of the government”, the Congress Party has decided to hold a nationwide district level protest on Monday, February 6, 2023, in front of LIC offices and SBI offices.
“The government can’t jeopardize the hard earned money of the people of India to profit the crony friends of the Prime Minister,” Venugopal said.
He also said all the PCCs (Pradesh Congress Committees) have been requested to issue necessary instructions to the District Congress Committees (DCCs), so that apart from senior leaders, party functionaries and workers’ mobilisation from Block Congress Committees, panchayat and booth level is ensured in full measure.
“The Modi government is protecting its best friend by repeatedly adjourning Parliament and scuttling the opposition’s voice. We demand a JPC and a Supreme Court-monitored probe to investigate the entire matter and the government’s involvement in this massive scam,” Venugopal said on Twitter.
He claimed that the LIC has “invested a total of Rs 36,474.78 crore” in Adani Group, whereas Indian banks together have “invested nearly Rs 80,000 crore” in the same and they continue to do so even when there is allegations of stock manipulation, accounting fraud and other malfeasance.
AICC head of media and publicity department, Pawan Khera, said the Congress has raised three important demands from the Narendra Modi government.
“An impartial investigation under the Chief Justice of Supreme Court, with day-to-day reports, should be carried out, or a JPC should be formed to investigate the Hindenburg Research report in detail,” he said at a press conference.
“Risky investments” by LIC, SBI and other nationalised banks in Adani Group should be discussed in Parliament and appropriate steps be taken to protect the investors, he said.
Congress leader and whip in Lok Sabha Manickam Tagore, who had given an adjournment notice in the Lower House to discuss the row, also said that the party wants a JPC probe into the entire matter along with a discussion on the issue.
Congress MP Manish Tewari tweeted “JPC on Adani Saga” and said the party will demand that a JPC be constituted to investigate the allegations.
“It is not a question about one promoter, but about the efficacy of the entire regulatory system,” he said, adding that the Congress and other political parties demand JPC on “a-la-affaire Adani”.
Earlier, the Congress was supported by several other opposition parties, including DMK, TMC, SP, JD(U), Shiv Sena, CPI(M), CPI, BRS, NCP, IUML, NC, AAP, Kerala Congress and RJD in demanding the JPC probe or SC-monitored investigation into the row.
Khera said the Congress strongly underlines that when Rahul Gandhi talks about “Suit Boot Ki Sarkar”, “Hum Do, Hamare Do” and now “Mitra Kaal”, he is not talking about any particular industrialist, “he is talking about the murky system that Modi ji has set up for his selected friends to loot the country”.
“We are not against any particular Indian corporate house, we are against crony capitalism. When the rules are changed to benefit selected billionaires, we are against it,” he said, alleging that “Hum Do Hamare Do” of “Mitra Kaal” are brazenly selling the “Family Silver” of the nation.
“The ‘Pradhan Mentor’ handed over shares in LIC and SBI to a group which has been accused of biggest corporate fraud of this country. The ‘saheb’ has left no stone unturned in sinking the deposits of crores of Indians,” he said, asking when will the serious allegations made by Hindenburg Research against Adani be investigated.
He also said the Modi government has maintained a stoic silence on the report.
“We want to tell PM Modi that we have nothing to say if you cheat your best friend, but shall not keep quiet if you cheat the investors of India – 29 crore policy holders of LIC and 45 crore account holders of SBI,” the Congress leader said.
“The family silver of the country is at stake due to the sinking of the Adani Group, the hard-earned money of crores of investors and crores of policy holders is at risk,” he alleged.
Adani Group stocks have taken a beating on the bourses after Hindenburg Research made a litany of allegations in its report, including fraudulent transactions and share price manipulation at the Gautam Adani-led group.
Adani Group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements. It called the Hindenburg report baseless and has threatened to sue the short seller.
[ad_2]
#Cong #demands #SCmonitored #probe #JPC #fraud #charges #Adani #Group
( With inputs from www.siasat.com )

February 2, 2023
Adani imbroglio: MVA, locals worry over fate of mega Dharavi revamp project

[ad_1]
Mumbai: As the Adani Group battles its current crisis on multiple fronts, the Maharashtra Congress, Shiv Sena (UBT) and residents of Dharavi on Thursday raised questions over the fate of the ambitious redevelopment project for Asia’s biggest slum.
In end-November 2022, the state government had finalised Adani Properties Ltd.’s bid to invest Rs 5,069 crore in the Dharavi redevelopment mega project.
At that time, the Metropolitan Commissioner of Mumbai Metropolitan Region Development Authority (MMRDA), S.V.R. Srinivas, had said that the proposal would be sent for the state government’s approval, a special purpose vehicle would be formed, and if all goes well, “the project shall kick-start by February 2023”.
When his reactions were sought again on Thursday, Srinivas said that he would not like to comment on the matter right now, “maybe after 2-3 days”.
However, state Congress General Secretary Sachin Sawant feels that all is not well considering the nosediving of Adani Group shares and its probable cascading effect on the Indian economy.
“The Maharashtra government must clarify its stand on the Dharavi redevelopment project. Will it allow the fate of lakhs of people to be connected to a company whose fate itself seems to be in jeopardy,” Sawant asked.
Shiv Sena (UBT) national spokesperson Kishore Tiwari claimed that the erstwhile Maha Vikas Aghadi (MVA) government was ‘deliberately toppled’ (in June 2022) so that the Adani Group could be given various big projects.
“Why just Dharavi? What about the future of the Navi Mumbai International Airport and other major projects which have been given to the Adani Group? The Centre and the Maharashtra government must immediately clarify and cancel the allotments,” Tiwari demanded.

The Dharavi Rehabilitation Committee (DRC) representing the local residents is virtually panicking over the fast-paced developments in the financial sector which are grabbing gloomy headlines daily.
“The Adani Group’s reliability and credibility is now in serious doubt… We feel that they may not be able to take up and complete this project on time. So, we are asking the Maharashtra government to re-tender it and give it to another party,” DRC President Raju Korde told IANS.
A meeting of the DRC shall be held later on Thursday night to finalise the strategy, besides writing to the state government to call for re-bids and award the project to a financially sound investor or consortium, he added.
In fact, in mid-January, Chief Minister Eknath Shinde had brought the Dharavi revamp proposal to the global centre-stage in Davos, where he extolled it as “the largest public-private-partnership (PPP) real estate programme for slum redevelopment”.
Terming it as an “environment-friendly project”, Shinde had said that around 56,000 families would be rehabilitated there with free homes of 300 sq ft to each slum-dweller there”, wowing an influential audience at the World Economic Forum held in the ski-resort in Switzerland.
With an estimated timeline of around 15 years, the project – bedeviled by many problems and failed attempts for a makeover for over 15 years – will see construction of over 10 million sq ft, giving a total face-lift to the 520-acre locality.
Dharavi – literally meaning ‘quicksand’ – is notorious as the dirty underbelly of Mumbai, housing over 10 lakh people crammed into a 2.1 sq km corner. But it is supposed to transform itself from an ugly duckling to a glittering district with swank buildings, wide roads, residential and commercial areas, schools, hospitals, gardens, playgrounds etc. planned there.
[ad_2]
#Adani #imbroglio #MVA #locals #worry #fate #mega #Dharavi #revamp #project
( With inputs from www.siasat.com )

February 2, 2023
Adani Green to be renamed to Adani Red after massive share price fall

[ad_1]
Adani Enterprises has decided not to proceed with its fully subscribed Follow-on Public Offer (FPO), the conglomerate said in a statement late on Wednesday, hours after the shares of the firm nosedived 28.45% to close at ₹2,128.70 on the BSE. Adani Greens too witnessed over 30% price fall in its share price.

Sources suggest that in order to be transparent with its shareholder, Adani Group has decided to rename Adani Greens to Adani Red. “This will be morally incorrect to keep the name Adani Greens when it is all red. Once we are back in green we will rename it back to Adani Greens” said the CEO of Adani Greens (now Adani Red), Vineet Jain.

Finance Expert, Yogendra Yadav has suggested Gautam Adani to start fund raising activity with him and the collection can be shared equally as Yogendra Yadav can help him raising funds. Yogendra Yadav isn’t the first one to offer help to Gautam Adani, Saket Gokhale too has offered financial tips to Gautam Adani. Reportedly, Saket Gokhale has suggested Future and Options to Gautam Adani in Adani Group companies.

[ad_2]
#Adani #Green #renamed #Adani #Red #massive #share #price #fall

[ Disclaimer: With inputs from The Fauxy, an entertainment portal. The content is purely for entertainment purpose and readers are advised not to confuse the articles as genuine and true, these Articles are Fictitious meant only for entertainment purposes. ]

February 2, 2023
Hindenburg effect: RBI asks banks for exposure details to Adani Enterprises

[ad_1]
The Reserve Bank of India (RBI) has asked for details from banks on their exposure to the Adani Group, several reports said on Thursday.
The information being sought by the central bank includes details of collateral being employed to back loans and indirect exposure that banks may have.
Subscribe us on
[ad_2]
#Hindenburg #effect #RBI #asks #banks #exposure #details #Adani #Enterprises
( With inputs from www.siasat.com )

February 2, 2023
Gautam Adani addresses investors after calling off Rs 20K cr FPO

[ad_1]
New Delhi: A day after deciding not to go-ahead with the fully subscribed Follow-on Public Offer (FPO), Adani Enterprises Ltd chairman Gautam Adani on Thursday said it would not be “morally correct” to go ahead with the Rs 20,000-crore share in the current market condition.
“After a fully subscribed FPO, yesterday’s decision of its withdrawal would have surprised many. But considering the volatility of the market seen yesterday, the board strongly felt that it would not be morally correct to proceed with the FPO,” Adani said in his address to investors after withdrawal of the fully subscribed FPO.
Adani said in his humble journey of over four decades as an entrepreneur, “I have been blessed to receive overwhelming support from all stakeholders, particularly the investor community. It is important for me to confess that whatever little I have achieved in life is due to the faith and trust reposed by them. I owe all my success to them.”
“For me, the interest of my investors is paramount and everything is secondary. Hence to insulate the investors from potential losses we have withdrawn the FPO,” he said.

This decision, he said “will not have any impact on our existing operations and future plans. We will continue to focus on timely execution and delivery of projects.”
“The fundamentals of our company are strong. Our balance sheet is healthy and assets, robust. Our EBIDTA levels and cash flows have been very strong and we have an impeccable track record of fulfilling our debt obligations. We will continue to focus on long term value creation and growth will be managed by internal accruals,” Adani said.
“Once the market stabilizes, we will review our capital market strategy,” he said.
“We have a strong focus on ESG and every business of ours will continue to create value in a responsible way. The strongest validation of our governance principles, comes from several international partnerships we have built across our different entities,” Adani said.

“I take this opportunity to thank our investment bankers, institutional investors and shareholders from within and outside the country for giving unflinching support to the FPO.”
Thanking investors, he said, “Despite the volatility in the stock over the last week your faith and belief in the company, its business and its management has been extremely reassuring and humbling.”
Shares of Adani Enterprises nosedived sharply on Wednesday, a day after its follow-on public offer closed for the subscription. The shares of Adani Group flagship company closed at Rs 2,179.75 with a sharp decline of 26.70 per cent. Its intraday low was Rs 1,941.2, over 30 per cent lower than Tuesday’s settlement price. On Tuesday, the last day for subscription, the follow-on public offer (FPO) issued by Adani Enterprises was fully subscribed.
A follow-on public offering (FPO) is the issuance of shares to investors by a company listed on a stock exchange after its initial public offerings.
Data showed the demand for the FPO was led by non-institutional investors, and they subscribed to the shares 3.26 times. The portion for institutional investors was also oversubscribed.
On Monday, an Abu Dhabi-based diversified conglomerate International Holding Company announced that it will invest about USD 400 million (AED 1.4 billion) into the Adani Enterprises’ follow-on public offer (FPO) through its subsidiary Green Transmission Investment Holding RSC Limited.
Adani Enterprises had filed a red herring prospectus with the markets regulator Securities and Exchange Board of India (SEBI) for the Rs 20,000 crore follow-on public offer (FPO), the largest ever in India. There were concerns that the FPO may not receive a strong response from investors amid a report by a US-based Hindenburg Research that surfaced on January 24, which claimed the Adani Group of having weak business fundamentals among others.
The US-based firm, in its report, raised concerns about shares of Adani group companies having a possibility of declining from their current levels, owing to high valuations. In response, Adani Group on Sunday said the recent report by Hindenburg Research was not an attack on any specific company but a “calculated attack” on India, its growth story, and ambitions. It added the report was “nothing but a lie”.
[ad_2]
#Gautam #Adani #addresses #investors #calling #20K #FPO
( With inputs from www.siasat.com )

February 2, 2023
Adani Enterprises calls off fully subscribed FPO; money to be returned to investors

[ad_1]
New Delhi: Adani Enterprises on Wednesday said it has decided to withdraw its fully subscribed Rs 20,000-crore follow-on public offer (FPO) and will return the proceeds to investors. The announcement came a day after the company’s FPO was subscribed fully on the last day of the offer on Tuesday. “The Board of Adani Enterprises Ltd., (AEL) decided not to go ahead with the fully subscribed FPO.
Given the unprecedented situation and the current market volatility the company aims to protect the interest of its investing community by returning the FPO proceeds and withdraws the completed transaction,” the Adani group’s flagship company said in a statement. As many as 4.62 crore shares were sought as against an offer of 4.55 crore. Non-institutional investors put in bids for over three times the 96.16 lakh shares reserved for them, while the 1.28 crore shares reserved for qualified institutional buyers (QIBs) was almost fully subscribed, according to BSE data.
There was, however, muted response from retail investors and company employees.
Gautam Adani, Chairman, Adani Enterprises Ltd said, the subscription for the FPO closed successfully on Tuesday. Despite the volatility in the stock over the last week, your faith and belief in the Company, its business and its management has been extremely reassuring and humbling. Thank you”.
However, today the market has been unprecedented, and the company’s stock price has fluctuated over the course of the day. “Given these extraordinary circumstances, the company’s board felt that going ahead with the issue will not be morally correct. The interest of the investors is paramount and hence to insulate them from any potential financial losses, the Board has decided not to go ahead with the FPO,” Adani said.
The company said that its working with its Book Running Lead Managers (BRLMs) to refund the proceeds received in escrow and to also release the amounts blocked in Investors bank accounts for subscription to this issue. The company also said that its balance sheet is very healthy with strong cash flow and secure assets, and has an “impeccable track record of servicing our debt”. “This decision will not have any impact on our existing operations and future plans. We will continue to focus on long term value creation and growth will be managed by internal accruals. Once the market stabilizes, we will review our capital market strategy,” the statement noted.
Shares of Adani Group firms slumped on Wednesday and have lost more than Rs 7 lakh crore of their combined market capitalisation in the last five trading sessions amid concerns over US-based short seller Hindenburg Research’s report.
The decline is about 38 per cent compared to the market valuation at the end of trading on January 24, the day when the report was released.

Adani Group stocks have taken a beating on the bourses after Hindenburg in the report made a litany of allegations, including fraudulent transactions and share price manipulation, at the Gautam Adani-led group. Adani group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements. It called the Hindenburg report baseless and has threatened to sue the tiny New York short seller.
[ad_2]
#Adani #Enterprises #calls #fully #subscribed #FPO #money #returned #investors
( With inputs from www.siasat.com )

February 2, 2023
Government refuses to comment on Adani Group crisis

[ad_1]
New Delhi: The government on Wednesday refused to comment on the fraud allegations levelled by a US short seller on Adani Group, which triggered a massive USD 90-billion rout in the group firms’ shares, saying it does not comment on individual company matters.
“We in government don’t respond to issues related to a particular company,” Economic Affairs Secretary Ajay Seth said during the post Budget interaction with media here.
Chief Economic Advisor (CEA) V Anantha Nageswaran on Tuesday had also refused to comment on the impact of the rout in Adani Group shares following a damning report by US-based short seller Hindenburg Research.
Shares of Adani Group firms slumped on Wednesday and have lost more than Rs 7 lakh crore or about 38 per cent of their combined market cap in the last five trading sessions amid concerns over US-based short seller Hindenburg Research’s report.
Adani Group stocks have taken a beating on the bourses after Hindenburg in the report made a litany of allegations, including fraudulent transactions and share price manipulation, at the Gautam Adani-led group.
Hindenburg released the report on January 24 — the day on which Adani Enterprises’ Rs 20,000-crore follow-on share sale opened for anchor investors, while the allegations have been rejected by the conglomerate.
At the end of Wednesday’s trading session, all the group companies settled in negative territory with shares of three companies hit their lowest price band.
Shares of Adani Enterprises nosedived 28.45 percent to close at Rs 2,128.70 on the BSE despite the company’s Rs 20,000-crore share sale sailed through on the last day on Tuesday after non-retail investors bid in big volumes. There was, however, a muted response from retail investors and company employees.
The counter of Adani Ports and Special Economic Zone plunged 19.69 percent, Adani Total Gas slumped 10 percent, Adani Green Energy declined 5.78 percent, Adani Wilmar fell 4.99 percent, Adani Wilmar went down 4.99 percent, Adani Power dropped 4.98 percent and Adani Transmission slipped 2.46 percent.

In addition, Ambuja Cements tanked 16.56 percent, while ACC dropped 6.34 percent and NDTV went down 4.98 percent.
[ad_2]
#Government #refuses #comment #Adani #Group #crisis
( With inputs from www.siasat.com )

February 1, 2023
Gautam Adani to take $10B loan to stay in World’s richest people list

[ad_1]
Adani Group chairman Gautam Adani, who stood at the 10th spot on the Forbes Real-time billionaire list for 2023 has now slipped out of the world’s top ten richest persons. Soon after Hindenburg Research report, Adani group witnessed massive decline in their share prices and Gautam Adani too lost over $10 B of net worth. Now there are no Indians in the list of world’s top ten richest people.

To ensure that the world’s top ten richest list has at least an Indian, the Adani Group has decided to take $10B loan from the government. The government is likely to approve the loan. The governments decision to approve the loan was taken after Adani Group covered itself in Nationalism when Hindenburg research accused Adani group of being engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades.

Sources suggest that Adani group is also likely to start a fund raise activity where every citizen can donate to make an Indian the world’s richest man. “During the global recession, India is a bright spot, the world is looking at us with a hope and we must not disappoint the world with not having any Indian in the world’s richest people list” said an economic expert.

[ad_2]
#Gautam #Adani #10B #loan #stay #Worlds #richest #people #list
[ Disclaimer: With inputs from The Fauxy, an entertainment portal. The content is purely for entertainment purpose and readers are advised not to confuse the articles as genuine and true, these Articles are Fictitious meant only for entertainment purposes. ]

February 1, 2023
Adani group stocks dip; Adani Enterprises tumble over 28%, Ports over 19%

[ad_1]
New Delhi: Shares of Adani Group firms slumped on Wednesday and have lost more than Rs 7 lakh crore of their combined market capitalisation in the last five trading sessions amid concerns over US-based short seller Hindenburg Research’s report.
The decline is about 38 percent compared to the market valuation at the end of trading on January 24, the day when the report was released.
Adani Group stocks have taken a beating on the bourses after Hindenburg in the report made a litany of allegations, including fraudulent transactions and share price manipulation, at the Gautam Adani-led group.
At the end of Wednesday’s trading session, all the group companies settled in negative territory with shares of three companies hit their lowest price band.
Shares of Adani Enterprises nosedived 28.45 percent to close at Rs 2,128.70 on the BSE despite the company’s Rs 20,000-crore share sale sailed through on the last day on Tuesday after non-retail investors bid in big volumes. There was, however, a muted response from retail investors and company employees.
The share sale opened on January 24.
The counter of Adani Ports and Special Economic Zone plunged 19.69 percent, Adani Total Gas slumped 10 percent, Adani Green Energy declined 5.78 percent, Adani Wilmar fell 4.99 percent, Adani Wilmar went down 4.99 percent, Adani Power dropped 4.98 percent and Adani Transmission (2.46 percent)
In addition, Ambuja Cements tanked 16.56 percent, while ACC dropped 6.34 percent and NDTV went down 4.98 percent.

The Adani group stocks (including Ambuja, ACC and NDTV) have lost more than Rs 7 lakh crore or about 38 percent of their combined market cap in the last five trading sessions, Manish Chowdhury, head of research at Stoxbox, said.
“With investors hoping for a breather following the successful closure of the Adani Enterprises FPO yesterday, it was another shocker when news emerged today that Credit Suisse has stopped accepting bonds of Adani group as collateral for margin loans to its private banking clients. With several questions being raised about the group, it looks prudent to stay away from these companies till the dust settles,” he added.
Equity benchmarks Sensex and Nifty ended on a mixed note after Finance Minister Nirmala Sitharaman raised the personal income tax rebate limit, doled out sops on small savings and announced one of the biggest hikes in capital spending in the past decade in Budget 2023-24.
The 30-share BSE benchmark Sensex climbed 158.18 points or 0.27 percent to settle at 59,708.08. In contrast, the broader NSE Nifty declined 45.85 points or 0.26 percent to end at 17,616.30.
[ad_2]
#Adani #group #stocks #dip #Adani #Enterprises #tumble #Ports
( With inputs from www.siasat.com )

February 1, 2023