After two days of decline, all ten of the listed Adani Group stocks traded in the green on Wednesday.
Adani Enterprises shares increased by 5.46 per cent, Adani Power by 4.98 per cent, Adani Ports by 4.70 per cent, Adani Wilmar by 4.22 per cent, and Adani Green Energy by 4.15 per cent on the BSE. NDTV stock rose by 3.73 per cent, Adani Transmission by 2 per cent, Adani Total Gas by 2 per cent, Ambuja Cements by 1.94 per cent, and ACC by 1.92 per cent.
In response to news that the debt payment did not match the statistics for the pledged shares, the group stocks fell on Tuesday. Jugeshinder Robbie Singh, CFO of Adani Group, stated on Tuesday that stock exchanges update data on promoter share pledges at the end of the quarter in an effort to shed light on current data that conflicts with the conglomerate’s claim that it has paid off all of its USD 2.15 billion in share-backed debt.
Singh referred to reports that suggested the company’s announcements on March 7 and March 12 did not line up with the data displayed on stock exchanges as “deliberate misrepresentation.”
“…they know that relevant exchanges will update 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.”
The company announced on March 12 that it had paid back debts totalling USD 2.15 billion obtained by pledging promoter shares. American short-seller Hindenburg Research noted “substantial” debt levels at the company in a report dated January 24 while making accusations of accounting fraud and the exploitation of offshore shell firms to boost stock prices artificially. The group has refuted every claim related to the Hindenburg, labelling them “malicious,” “baseless,” and a “calculated attack on India.”
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