Adani's stocks plummet further as investors suffer additional loss of ₹40,000 cr

In consonance with the bearish sentiment in the stock market, the shares of companies belonging to the Adani Group witnessed a significant decline during Wednesday’s (February 22) morning trade.

Adani Enterprises stock tumbled 9.31 per cent on the BSE. Shares of Adani Power declined 5 per cent, Adani Transmission fell 5 per cent, Adani Total Gas (5 per cent), Ambuja Cements (5 per cent) Adani Green Energy (4.99 per cent), Adani Wilmar (4.99 per cent) and NDTV (4.55 per cent). The stock of Adani Ports declined 4.38 per cent and ACC fell 3 per cent.

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Many of the group firms also hit their lower circuit limits in morning trade. The broader equity market also faced weak trend as the BSE Sensex fell 596.95 points or 0.98 per cent to 60,075.77 in morning trade.

The market valuation of the loss today is close to ₹40,000 crore.

Adani Group stocks have taken a beating on the exchanges after US-based short seller Hindenburg Research made a litany of allegations, including fraudulent transactions and share-price manipulation, against it.

As per a report in ET, last week, the Securities and Exchange Board of India (SEBI) directed rating agencies to disclose information such as outstanding ratings, outlook, and any updates arising from discussions with officials of the concerned business group.

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Adani Transmission has informed its investors that it intends to reveal its plans for refinancing its debt within a few weeks. Meanwhile, Adani Ports plans to repay commercial papers worth Rs 1,000 crore that are due to mature in March.

The conglomerate has filed a compendium with the stock exchanges stating that it does not face any significant debt maturity or near-term liquidity requirements, thereby posing no significant refinancing risks. The compendium also cited affirmation of its credit ratings from both international and domestic rating agencies, indicating a sound financial profile and underlying credit quality.

The group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements.

(With agency inputs)