6 Adani stocks hit lower circuit again, all group shares fall 2-5% today; why these scrips crashed Adani Group stocks extended losses on Tuesday, with Adani Power, Adani Transmission, Adani Green Energy, Adani Total Gas, Adani Wilmar and NDTV scrips hitting lower circuits. Adani Enterprises, Adani Ports, Ambuja Cements and ACC shares tanked 2-4%. The recent developments reversed the uptrend in Gautam Adani-led companies’ shares. Questions raised on Adani Group’s debt repayment, EPFO investment in two Adani Group companies, the appointment of former SEBI Chairman Upendra Kumar Sinha and Welspun India Ltd CEO and MD Dipali Goenka as Independent Directors of NDTV, Adani Group’s AMG Media Networks acquisition of digital business news platform Quintillion Business Media Pvt Ltd and NSE, BSE announcement of putting Adani Green Energy under the second stage of the long-term additional surveillance measure (ASM) framework may have dented the investor’s sentiment.Why Adani Group stocks are crashing; A look at recent developmentsQuestions raised on Adani Group debt repayment A media report this week raised questions on the repayment of debt totalling $2.1 billion by the Adani Group, hinting at irregularities and the debt may not have been fully paid. “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,” a report by The Ken said. “The pledged shares of Adani Green and Adani Transmission have not been released by banks even a month after the loan repayment. This is highly unusual as pledged shares are usually released immediately after the borrower settles their debts,” it said. NSE and BSE have put Adani Green Energy under the second stage of the long-term additional surveillance measure (ASM) framework. In two separate circulars, the bourses said Adani Green Energy will continue in the ASM framework but will be moved to the respective higher stage from March 28. The move comes following the announcement by stocks exchanges that they have moved Adani Total Gas and Adani Transmission from the second stage of the long-term ASM framework to Stage-I. Adani Group’s AMG Media Networks has acquired a 49% stake in digital business news platform Quintillion Business Media Pvt Ltd for Rs 48 crore. In a stock exchange filing, Adani Enterprises Ltd said its subsidiary AMG Media Networks Ltd has completed the acquisition which was initially announced in May last year. Adani group-owned NDTV Ltd has appointed former SEBI Chairman Upendra Kumar Sinha and Welspun India Ltd CEO and MD Dipali Goenka as Independent Directors. The company’s board approved the appointment of both with immediate effect, NDTV said in a regulatory filing. Both of them have been appointed as Additional Directors in the capacity of Non-Executive Independent Directors with effect from March 27, 2023, for two years, up to March 26, 2025, NDTV said.
As part of its association with Ultimate Kho Kho, IndianOil will secure the naming rights for the post-match award, recognising the ‘Attacker of the Match.’ Additionally, IndianOil will also have the naming rights to the league’s exciting powerplay segment, which was dominated by Chennai Quick Guns’ stalwart all-rounder Ramji Kashyap who accumulated a total of 24 skydive points this season.
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IPO watch: Syrma SGS Technology enters the final day of bidding today. So far the issue, that opened last week, has been subscribed 2.27 times. Retail investors have subscribed their portion 2.66 times while NIIs have bid for their quota 3.58 times and QIB portion has been bid for 0.71 times.