Adani Group stocks continue slide
时间:2024-06-17 07:28:46 阅读（143）
Adani Group stocks continued their slide on Tuesday, with six stocks hitting their lower circuit of 5% and the flagship Adani Enterprises slumping over 7%.
This followed reports questioning the debt repayment claims by the group. The reports claimed that despite the group announcing it has repaid over $2 billion of debt, banks were yet to release shares pledged by the promoters, implying that the debt is yet to be paid.
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The group lost Rs 49,454 crore in market capitalisation on Tuesday, and has shed Rs 79,980 crore in m-cap over the last three sessions. Adani Transmission, Adani Total Gas, Adani Power, Adani Wilmar, Adani Green and NDTV were locked in their lower circuit of 5%, while Adani Ports lost over 5.11%.
Ambuja Cements and ACC were down 2.91% and 4.22%, respectively.
“Adani Group stocks remain overvalued. Sooner or later a correction was due. Further, given the high retail participation in Adani stocks, valuations were bound to correct and a sell-off would have sent stocks sliding,” said independent market analyst Ambareesh Baliga.
He pointed out that the market had discounted a certain level of growth, and now it’s difficult for the group to grow beyond the anticipated level. Raising funds is a challenge for the group now following the crisis, and what they’ve managed to raise is for stopgap arrangements, he added.
Another report claimed that Adani Group has sought to renegotiate the terms of outstanding loans of $4 billion taken in August last year for acquisition of ACC and Ambuja Cement.
The beleaguered conglomerate has, since the Hindenburg report on January 24, lost close to Rs 10.3 trillion in market cap.
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