Wednesday, February 21, 2024
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Adani Group stocks: All 10 counters trade in the red; Adani Enterprises fall over 7%

Adani Group Stock,

Every one of the ten recorded Adani bunch organizations were exchanging the negative domain on Tuesday, with Adani Power, Adani Transmission, Adani Efficient power Energy and Adani All out Gas falling around 5% each.

Adani Ports and Special Economic Zone fell 8.89 percent to trade, while Adani Enterprises, Adani’s flagship business, was down 7.53 percent to 1,593.30. 573.20 for each share

Adani Power lost 5%, Adani Transmission lost 5%, Adani Green Energy lost 4.9%, and Adani Total Gas lost 5% of its shares.

In the meantime, the shares of Adani Wilmar, NDTV, ACC, and Ambuja Cements all declined by 4.9%, 4.73%, and 3.4%, respectively.

Throughout the day, a number of the group’s businesses exceeded their lower circuit limits.

what led to the sale

The Kane’s report prompted a resumption of share sales of Adani Group. The report questions whether the Gautam Adani-drove port-to-drive bunch has really reimbursed the absolute obligation of $2.15 billion.

According to the report, “Regulatory filings reveal that banks have not released a significant portion of promoters’ shares held as collateral, indicating that the loan has not been fully repaid,” despite Adani Group’s claim of “full” repayment of $2.15 billion in share-backed loans.

In addition, the report states that the Adani group has only reduced the amount of the loan by pledging additional shares and avoiding legal action from the lenders.

According to reports, banks have only released the pledged shares of Adani Ports and SEZ following the group’s announcement of its prepayment.

“Even after a month of loan repayment, the pledged shares of Adani Green and Adani Transmission have not been released by the banks,” it added. This is exceptionally surprising as the promised shares are for the most part utilized by the borrower to reimburse his advance.” is issued as soon as possible.

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