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Shares of Adani Group firms continue their drop in today’s market opening


As the stock market opened on Friday, shares of Adani Group firms continued to fall. The assets of the Gautam Adani-led group have been declining since last week, when Hindenburg Research released a damning report on the conglomerate’s various activities.

In the morning session on Friday, the Sensex rose 236 points to 60,185.49, while the NSE Nifty50 rose 17 points to 17,627.80. Financial stocks were up in the morning.

On Friday morning, Adani Group’s flagship firm, Adani Enterprises, was down 27.47 percent to Rs 1,143.50 per share. According to available data, it has lost more than Rs 1,926.55 or more than 62% in just five sessions.

Adani Green’s shares fell 10% to Rs 935.90 per share, while the company lost Rs 392.30, or 29.54 percent, in just five days.

On Friday morning, Adani Ports and SEZ lost Rs 39.95, or 8.12%, to Rs 424.90. In just five days, the company’s shares had dropped by more than Rs 227.20, or 35%.

In morning trade on Friday, Adani Transmission shares fell 10% to Rs 1,396 per share. In just five days, the company had lost Rs 371.25, or 21% of its value.

Adani Wilmar fell 5% to Rs 399 per share on Friday morning, losing Rs 91 or more than 18.54 percent in the previous five days. Another development is that Adani Group, according to Reuters, made scheduled coupon payments on outstanding US dollar-denominated bonds on Thursday, citing a source with direct knowledge of the conglomerate’s strategy.

The payments were made as Adani Group, led by Indian billionaire Gautam Adani, battles a sell-off in its Indian stocks and US bonds following last week’s critical report by the US short-selling firm. According to a Reuters source with direct knowledge of the conglomerate’s strategy, the group entities made scheduled coupon payments on outstanding US dollar-denominated bonds on Thursday.

Adani Ports and Special Economic Zone Limited paid coupons, according to two Reuters sources who spoke on the condition of anonymity.

According to a source familiar with the company’s strategy, Adani Transmission also processed bond payments on Thursday.

According to Reuters, Adani Group plans to issue a credit report today that will address concerns raised by the Hindenburg report about its liquidity. The Adani Group did not respond to a request for comment from Reuters.

Interest payments totaling around USD 24 million were due on February 2 on three bonds issued by Adani Ports and Special Economic Zone and due to mature in 2031, 2032, and 2041, according to calculations.

The conglomerate’s dollar bonds fell further on Thursday, a day after its flagship Adani Enterprises called off a USD 2.5 billion share sale in an unexpected move, according to the report.

According to Reuters, Adani Green bonds maturing in September 2024 led the losses, falling 11.69 cents to 60.56 cents, their lowest since issuance.

The US dollar-denominated bonds of Adani Ports and Special Economic Zone, Adani Transmission, and Adani Electricity Mumbai were also trading lower, according to the report.

Dhanshree Badhe

Dhanshree Badhe

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