Adani group stocks tumble, eroding ₹58,240 crore market capitalisation: All ten stocks close in red

• Adani group stocks came under selling pressure on Tuesday, eroding ₹58,240 crore in combined market capitalisation.
  
• Group flagship Adani Enterprises fell the most, with a decline of over 7%, while five other group stocks hit their respective lower circuits.
  
• The selloff comes after a report raised questions about the Adani group’s claims of complete repayment of $2.15 billion in margin-linked loans.
  

Adani group stocks were once again under selling pressure on Tuesday, eroding ₹58,240 crore in the group’s combined market capitalisation. All the ten group stocks closed in the red on Tuesday, with five out of the ten group stocks hitting their respective lower circuits.

The group flagship Adani Enterprises fell the most, with its shares falling by over 7% on Tuesday.

The selloff in the Adani group on Tuesday comes after a report by The Ken raised questions on whether the group had actually made repayments worth $2.15 billion in margin-linked loans.

"Despite the Adani Group's claim of “complete” repayment of $2.15 billion in share-backed debt, regulatory filings show that banks have not released a significant portion of the promoters' shares held as collateral, indicating that the debt has not been fully paid off," The Ken report said.

The report further alleged that the Adani group had only made partial repayments and not full repayments worth $2.15 billion, as disclosed in regulatory filings.

Overall, the combined market capitalisation of the Adani group is down by over 54% when compared to January 24 when the Hindenburg report was published. In absolute terms, the group’s market capitalisation is down by ₹11.88 lakh crore, falling from ₹21.96 lakh crore on January 24 to ₹10.08 lakh crore today.


Source: NSE, as on March 28, 2023

Five out of the ten group companies still have a market capitalisation of at least ₹1 lakh crore, after a recovery saw the Adani group recover ₹2.05 lakh crore in market capitalisation in March so far.

Earlier today, a report by the Economic Times claimed that the Adani group is looking to renegotiate the tenure of its $4 billion loan taken in August last year for the acquisition of ACC and Ambuja Cements from the Holcim group.

Adani Enterprises’ media subsidiary AMG Media Networks also completed the acquisition of a 49% stake in Quintillion Business Media for ₹48 crore.

Four Adani group stocks still down by over 50%

Four Adani group stocks are still down by over 50% of their value since January 24. Adani Total Gas and Adani Transmission have declined the most, while Ambuja Cements and Adani Ports & SEZ have been the most resilient.


Source: NSE, as on March 28, 2023

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