Shares of Adani group companies continued to reel under pressure, falling up to 9 per cent on the BSE in Wednesday's intra-day trade. Adani Enterprises slipped 9 per cent to Rs 1,426, while Adani Power (Rs 162.60), Adani Transmission (Rs 788.75), Adani Total Gas (Rs 834.95), Adani Green Energy (Rs 539.30), and Adani Wilmar (Rs 390.35) were locked at the 5 per cent lower circuit, with only sellers seen on these counters.
Ambuja Cements (Rs 337.75), Adani Ports and Special Economic Zone (Rs 558.45), and New Delhi Television (NDTV) (Rs 201.10), meanwhile, fell 4 per cent each, and ACC slipped 3 per cent to Rs 1,775 in the intra-day trade. In comparison, the S&P BSE Sensex traded 0.93 per cent lower at 60,109 at 11:31 AM.
In the past one month, the market price of Adani Total Gas has tanked 79 per cent as the US-based Hindenburg Research published a report on January 24, alleging accounting fraud and stock manipulation. While Adani Green Energy, and Adani Transmission have plunged 73 per cent, and 71 per cent, respectively, the remaining group stocks have slipped in the range of 25 per cent to 60 per cent. The Group has repeatedly denied the accusations. In comparison, the S&P BSE Sensex has slipped 1.9 per cent during last one month.
According to a
Bloomberg report, Gautam Adani and his companies are now prioritizing financial health over aggressive debt-fueled expansion spree of recent years. The group's focus has shifted to cash conservation, debt repayment, and recovering pledged shares as it attempts to repair the damage caused by Hindenburg’s report.
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Meanwhile, Adani Transmission will announce debt refinancing plans in a few weeks, executives said on Tuesday in an investor call, Reuters reported quoting a source with direct knowledge of the matter.
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