Adani Transmission Hits Lower Circuit Again: What's Behind Latest Plunge

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.

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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.

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Posted In: Adani GreenAdani TransmissionGautam AdaniHindenburg Research