Adani Group Stocks Slump: Doubts Over ₹20,500-Cr Debt Repayment Gathering Steam?

Seven of the ten Adani Group companies opened in the red today on Wednesday as the company’s massive $2.5 billion (₹20,500 crore) debt repayment came under scrutiny.

What Happened: As per a story by The Ken the Adani Group’s ‘claims’ of repaying the debt are not indicated in the regulatory filings. As per the story many of the shares of the company are still pledged and have not been released. The story also questioned that if the loans are fully repaid, the promoters and lenders would have disclosed the release of all pledged shares, as this is a regulatory mandate.

See Also: Reliance Shares Bounce Back After Slumping To 52-Week Low Last Week

The story has been vehemently refuted by the group. The group’s chief financial officer Jugeshinder Robbie Singh called the story a deliberate misrepresentation. “Deliberate misrepresentation (and if I speculate out right lies) of The Ken they know that relevant exchanges will update end of quarter. The deliberate subterfuge will be clear to all once exchanges update the data post-end of quarter,” Singh wrote on Twitter.

The exchanges have also sought official clarification from the group on the matter. The group has been under scrutiny since the Hindenburg report came out in January this year. The allegations made in the report are currently being investigated by SEBI and a Supreme Court-formed committee.

Price Action: Here’s how Adani Group companies fared early on Wednesday, shortly after markets opened for trading.

Adani Enterprises shares traded 0.091% higher at ₹1,603.40.

Adani Green Energy slumped 5% to trade at ₹888.75.

Adani Ports & SEZ was up 1.30% to trade at ₹601.20.

Adani Power shares slumped 3.74% at ₹167.15.

Adani Total Gas shares traded 5% lower at ₹864.95.

Adani Wilmar was down 2.57% to trade at ₹358.85.

Adani Transmission shares were down 5% at ₹965.00.

Ambuja Cement shares traded 0.42% higher at ₹360.45. ACC shares traded 0.38% lower at ₹1,607.60.

NDTV was up 0.69% at ₹175.55.

Read Next: Quint Shares Skyrocket As Adani Enterprises Acquires 49% Stake In Quintillion Business Media

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.

Posted In: MoversTrading IdeasAdani GroupGautam AdaniJugeshinder Singh