Adani Ports, Ambuja Cements Deny Any Buyback Plan As Shares Surge

Ambuja Cements and Adani Ports and Special Economic Zone Ltd — companies belonging to the Adani Group — have denied reports that they are both planning a ₹3,000 crore buyback of shares.

What Happened?: A media report on Monday suggested that Adani Group is in the “advanced stage” of announcing a share buyback worth up to ₹3,000 crore of Ambuja Cements and Adani Ports and Special Economic Zone in a bid to improve investor confidence and allay fears of poor finances.

The report quoted sources directly involved with the development attracting the BSE’s attention to seek formal clarification from both companies. Responding to the BSE, the Adani companies have now denied any share-buyback plans adding that they are in “no position to comment on the veracity of said media report.”

See Also: PNB Shares Jump Nearly 4% As Bank Says Not Worried Over ₹7,000 Crore Exposure To Adani Group

“We have made and will continue to make disclosures in compliance with our obligations under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and our agreements with the stock exchanges,” the two Adani Group companies added in their clarification.

Ambuja Cements and Adani Ports shares have seen a sharp fall over the past week alongside other Adani Group stocks after short-seller Hindenburg Research published a report levelling widespread allegations against the conglomerate.

Price Action: Adani Ports and Special Economic Zone Limited is currently 3.07% in the green at ₹611.50, while Ambuja Cement is trading 4.01% higher today at ₹403.70.

Read Next: Adani Group Stocks Extend Plunge Tuesday As Abu Dhabi Firm's $400M Investment Fails To Fuel Up Sentiments

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