All the ten listed Adani Group stocks were trading in the positive territory on Wednesday after two days of decline. Shares of Adani Enterprises jumped 5.46 per cent, Adani Power climbed 4.98 per cent, Adani Ports (4.70 per cent), Adani Wilmar (4.22 per cent) and Adani Green Energy (4.15 per cent) on the BSE.
The stock of NDTV advanced 3.73 per cent, Adani Transmission went up by 2 per cent, Adani Total Gas (2 per cent), Ambuja Cements (1.94 per cent) and ACC (1.92 per cent. Shares of all the ten listed firms of Adani Group ended lower for the second day in a row on Tuesday, with Adani Enterprises tumbling 7 per cent.
The group stocks were down on Tuesday amid reports on debt payment not matching with pledged shares data. Adani Group CFO Jugeshinder Robbie Singh on Tuesday said stock exchanges update data on promoter share pledges at the end of the quarter, as he tried to clarify on present data not matching with the conglomerate’s statement of repaying all the USD 2.15 billion of share-backed debt.
Singh termed reports suggesting that the company’s March 7 and March 12 announcements did not match with the information available on stock exchanges “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.” On March 12, the conglomerate stated that it had repaid USD 2.15 billion of loans that were taken by pledging promoter shares.
In a January 24 report, US short-seller Hindenburg Research flagged “substantial” debt levels at the group while alleging accounting fraud and the use of offshore shell companies to inflate stock prices. The group has denied all Hindenburg allegations, calling them “malicious”, “baseless” and a “calculated attack on India”.