Most Adani Group Companies Decline; Adani Power Back Under Short-Term Additional Surveillance
Adani Power had just come out of the short-term ASM framework on March 17, along with Adani Enterprises and Adani Wilmar.
Shares of Adani Group companies ended mixed with Adani Transmission Ltd., Adani Green Energy Ltd., Adani Total Gas Ltd., NDTV Ltd., Adani Wilmar Ltd. and ACC Ltd. being among the top gainers on Thursday.
The Mumbai Stock Exchange and the National Stock Exchange have again put Adani Power Ltd. under the short-term additional surveillance measures framework as of March 23. Adani Power had just come out of the short-term ASM framework on March 17, along with Adani Enterprises Ltd. and Adani Wilmar Ltd.
Adani Green Energy and NDTV Ltd. moved into the first stage of the long-term additional surveillance measures framework on Monday, March 20.
Securities are placed under the ASM framework based on parameters such as high-low variation, client concentration, number of price band hits, close-to-close price variation, and price-earnings ratio.
The conglomerate recently prepaid its share-backed debt worth Rs 17,623 crore, as of March 12, in full ahead of the month-end deadline. The prepayments are aimed at restoring confidence as the group stocks crashed after the detailed Hindenburg report alleged stock manipulation and fraud earlier in January.
The promoters also chose to prepay about Rs 4,098 crore in financing for the acquisition of Ambuja Cements Ltd., which would push up its equity stake in the cement company to Rs 21,721 crore.
The repayment and prepayment are in line with the promoters' plans to prepay all share-backed debt before the March 31 deadline.
The Supreme Court of India also directed SEBI to finish its investigation of the Adani-Hindenburg case as soon as possible, within two months, and to file a status report.
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Disclaimer: Adani Enterprises is in the process of acquiring a 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.