Adani Group Shares See Heavy Interest Despite Denial of $3 Billion Loan Reports
Adani Group, the Indian ports-to-power conglomerate, saw a surge of interest in its shares following its denial of reports claiming it had secured a $3 billion loan from a Middle East-based sovereign wealth fund. Despite this denial, heavy trading took place on March 2, with 3.9 crore shares of Adani Enterprises changing hands in a deal worth Rs 5,520 crore. Adani Ports, Adani Transmission and Adani Green Energy also saw block deals of 4.1%, 2.5% and 3.5% respectively. Following the trades, Adani Green and Adani Transmission shares opened strong, while Adani Enterprises traded lower before rebounding from opening lows.
The group has been hit by allegations of “stocks manipulation” and “accounting fraud” by Hindenburg Research, resulting in a loss of over Rs 11 lakh crore in market capitalisation. In response, Adani Group has been pre-paying loans to release pledged shares and conducting investor roadshows to ease concerns about its financial health and corporate governance.
In a separate development, the Supreme Court is set to deliver its verdict on the Adani-Hindenburg case after hearing a batch of four petitions. The court is expected to appoint a committee to strengthen regulatory mechanisms and protect investors from market volatility, with committee members to be nominated by the court and its scope of functioning to be determined.
About Adani Group:
Adani Group is an Indian multinational conglomerate, headquartered in Ahmedabad. It was founded by Gautam Adani in 1988 as a commodity trading business, with the flagship company Adani Enterprises.
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