Adani Group stocks continued to plunge in value when markets open Wednesday, as sour sentiments continued to prevail after market regulator SEBI met with rating agencies to discuss the finances of companies led by Gautam Adani.
What Happened? The Securities and Exchange Board of India has met with rating agencies including Crisil — the local arm of S&P Global Ratings — to discuss Adani Group companies, even though there has been little to doubt about the group’s ability to clear debt payments.
SEBI asked rating agencies for specifics such as the maturity profile of Adani Group debts, its liquidity, the founder’s leverage and the overall rating process during the meeting, as per a Bloomberg report.
Read Next: Adani Ports, Ambuja Cements Deny Any Buyback Plan As Shares Surge
The rating agencies, however, did not express a need for a revision, suggesting that the meeting could likely have been a “routine dialogue.”
The development arises days after a media report stated that the market regulator had begun scrutinising deals by the Adani Group over the past year and will study a report issued by U.S.-based short-seller Hindenburg Research.
Meanwhile, Adani Group’s record ₹20,000 crore secondary share sale for investors ended up being fully subscribed after a flurry of interest on its last day of sale.
Adani Enterprises shares traded 2.38% lower at ₹2,904.30, despite closing Tuesday on the rise
Adani Green Energy shares tanked 4.08% to ₹1,174.10.
Adani Ports & SEZ was down 1.42% to trade at ₹604.35.
Adani Power shares traded 4.98% lower at ₹212.75.
Adani Total Gas shares plunged over 10% to ₹1,901.65.
Adani Wilmar shares rose by 1.17% to ₹472.35.
Adani Transmission shares were down nearly 3.38% to ₹1,714.00.
Ambuja Cement shares traded 0.64% lower at ₹398.45. ACC shares traded 0.99% lower at ₹1,949.90.
NDTV shares traded around 0.36% lower at ₹245.95.
Read Next: Union Budget 2023: Crypto Industry Demands No Ban, No Status Quo On Crypto Transactions
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.