Adani Group stocks continue to bleed
时间:2024-06-26 16:26:59 阅读(143)
Adani Group stocks were hit further on Monday, following the downgrading of four group firms by Moody’s.
Adani Enterprises slumped 7%, while Adani Ports shed 5.25%. Five group firms — Adani Total, Adani Transmission, and Adani Wilmar, Adani Green, and Adani Power — were locked in their lower circuit of 5% on Monday.
Among other group stocks, ACC lost just over 3%, while Ambuja Cements lost 5.17% and NDTV 4.98%.
On Friday, Moody’s downgraded the outlook of Adani Green Energy, Adani Green Energy Restricted Group, Adani Transmission Step-One, and Adani Electricity Mumbai to negative.
A separate report on the group cutting its capital expenditure plans and revising its revenue growth target for the next fiscal year down by half, from 40% to about 20%, also dragged the stocks down.
Markets regulator Sebi told the Supreme Court on Monday that it is looking into Hindenburg Research’s allegations against the Adani Group. It told the apex court that it was probing market activity right before and after the publishing of the report.
However, the Adani Group later clarified that balance sheets of its group entities were in a healthy position, and that it has secure assets along with a strong corporate governance policy. It said it would deliver superior returns to shareholders. “We have industry-leading development capabilities, strong corporate governance, secure assets, strong cashflows, and our business plan is fully funded,” a spokesperson of the group said, reported Reuters.
The action by Moody’s is the latest in line of many following Hindenburg’s allegations against the company. Foreign banks Credit Suisse, Citigroup, and Standard Chartered have stopped accepting Adani Group bonds as collateral.
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