Adani responds to report questioning prepayment of loan, calls it deliberate misrepresentation
Adani Group's response comes hours after Indian stock exchanges the BSE and NSE sought a clarification from the conglomerate.
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.
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