Adani stocks close with gains after refuting debt repayment reports

Adani stocks close with gains after refuting debt repayment reports

Whereas Adani Green ended in red at Rs 897.90, down by 4.03 per cent and Adani Transmission closed comparatively flat with a jump of 0.09 per cent.

FPJ Web DeskUpdated: Wednesday, March 29, 2023, 05:24 PM IST
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Adani stocks close with gains after refuting debt repayment reports | Image: Wikipedia

Adani Group stocks rebounded in Wednesday's trade after it refuted media reports that claimed that it had not completed the repayment of loans backed by shares worth $2.15 billion.

Adani Enterprises rose 9.29 per cent whereas Adani Ports was up by 7.19 per cent. Adani Power jumped by 4.98 per cent and Adani Wilmar closed at Rs 386.55, up by 5 per cent. Whereas Adani Green ended in red at Rs 897.90, down by 4.03 per cent and Adani Transmission closed comparatively flat with a jump of 0.09 per cent.

Adani refutes The Ken's claims

Adani Enterprises in response to The Ken's report through an exchange filing called it baseless and deliberately mischievous claims. It said, "Adani has completed full prepayment of margin linked share backed financing aggregating to $ 2.15 billion and all corresponding shares pledged for those facilities have been released."

Adani Group CFO comments

Adani Group CFO Jugeshinder Robbie Singh on Tuesday said stock exchanges update data on promoter share pledges at the end of the quarter, as he tried to clarify on present data not matching with the conglomerate's statement of repaying all the USD 2.15 billion of share-backed debt.

Singh termed reports suggesting that the company's March 7 and March 12 announcements did not match with the information available on stock exchanges "deliberate misrepresentation".

"...they know that relevant exchanges will update at the end of quarter," he said in a Twitter post. "The deliberate subterfuge will be clear to all once exchanges update the data post end of quarter."

On March 12, the conglomerate stated that it had repaid USD 2.15 billion of loans that were taken by pledging promoter shares.

Hindenburg Research report

In a January 24 report, US short-seller Hindenburg Research flagged "substantial" debt levels at the group while alleging accounting fraud and the use of offshore shell companies to inflate stock prices.

The group has denied all Hindenburg allegations, calling them "malicious", "baseless" and a "calculated attack on India".

With inputs from agencies

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