Shares of Adani Transmission hit lower circuit for the 10th straight session as the markets opened on Wednesday. The Adani Group stock is now down 71% since the Hindenburg report came out.
What Happened: Media reports on Tuesday suggested that the battered company will be announcing refinancing plans. A Reuters report quoted sources saying that the company is not planning to raise any additional debt for capital expenditure, as it looks to cover it with operating cash inflows.
See Also: Why Vedanta Share Price Is Up Today Despite Government's 24,000-Cr Deal Snub
This comes after media reports stated that Adani Green Energy was going to announce a refinancing plan in June. The group reportedly also held calls with bond investors to reassure them about the payment capacity of its operating companies.
The company that hit another 52-week low today has lost over ₹2 lakh crore in market cap since the Hindenburg report came out on Jan. 24.
Price Action: Adani Transmission plunged 5% to hit lower circuit at ₹788.75 as the markets opened on Wednesday.
Read Next: Mark Mobius Says Adani Saga Should Force People To Rethink ‘Passive Investing'
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.