Adani Group Clarifies Reports of $3 Billion Loan from Sovereign Fund
Rumours of a fresh $3 billion loan secured by the Adani Group from an unnamed sovereign fund have been denied by the conglomerate. The reports, which claimed that the credit line could potentially be upsized to $5 billion, were dismissed by the company as “totally false and untrue.”
This clarification follows a series of challenges faced by the Adani Group, including accusations of stock manipulation and fraud made by Hindenburg Research earlier this year. These allegations have led to a significant decrease in market capitalisation, with seven listed Adani Group companies losing over $140 billion since January 24.
Despite this, Adani Ports and Special Economic Zone Ltd (Adani Ports) has continued to perform well, with its stock rising by 1.61% on Wednesday to close at Rs 602.15. The counter has surged 52.46% from its 52-week low level of Rs 394.95, hit on February 3, 2023.
With a turnover on the counter of Rs 116.28 crore and a market capitalisation of Rs 1,30,072.77 crore, Adani Ports remains a strong performer in the face of recent challenges.
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