Adani responds to report questioning prepayment of loan, calls it deliberate misrepresentation

Its been more than two months after the Hindenburg report on Adani picked up by global media, triggered a stock market rout, which wiped out $140 billion from the group's value. After a Rs 15,000 crore stake sale, Adani's efforts to recover and rebuild investor confidence have been hit by another report challenging its claims of prepaying share-backed loans.

Now the conglomerate has dimssed the media reports by asking investors to wait till exchanges update share data.

Debunking serious claims

• The report based its claims that Adani hadn't repaid more than $2 billion borrowed against stocks, on regulatory filings that showed how banks hadn't released all pledged promoter shares.

• To this Adani's Chief Financial Officer Jugeshinder Robbie Singh responded by clarifying that the data on pledged share is updated by lenders after a quarter ends.

• Adani Group's response comes hours after Indian stock exchanges the BSE and NSE sought a clarification from the conglomerate about the report.

Response after another stock market rout

• Singh has called the article a deliberate misrepresentation, after it triggered another 7 per cent drop for Adani Enterprises and a dip of up to 5 per cent for six other group firms.

• The Adani Group has also sought additional time to repay loans taken for the acquisition of ACC and Ambuja Cement, which was completed using a firm controlled by Vinod Adani.