Shillong, March 29: Following yesterday’s sharp decline, shares of all 10 Adani Group listed firms made a strong recovery after the company refuted the reports regarding debt repayment.
At about 10:15 am, the flagship company of the group owned by Gautam Adani increased by 4.62% to Rs 1,674.75 per share. The price of Adani Ports and Special Economic Zone (APSEZ) increased 4.45% to Rs 619.80.
Also 1–5% higher were Adani Green Energy, Adani Wilmar, Adani Total Gas, Adani Power, and Adani Transmission. Ambuja Cement, owned by Adani, and ACC also benefited.
The turnaround follows Adani Group CFO Jugeshinder Singh’s denial of a news report that questioned the company’s most recent loan repayments.
Adani has achieved full prepayment of margin related share backed financing totaling USD 2.15 billion, and all matching shares pledged for those facilities have been released, the firm stated in a statement hours after he denied the allegation.
Singh further stated that following the conclusion of the currency quarter, the data will be published on the markets.
He continued by saying that the news agency could have “easily confirmed that all margin loans of the promoters have been paid in full” if it had merely looked at the group’s public disclosure of the payments.
Jugeshinder Singh made his remark in response to a story by The Ken that questioned if the Adani Group had actually settled $2.15 billion in debts secured by pledged shares.
According to the report, Adani Group only partially repaid the loan balance in order to avoid pledging additional shares and further lender action.
