After two consecutive days of decline, all ten listed Adani Group stocks traded in positive territory on Wednesday, boosting investor sentiment. Adani Enterprises saw the highest jump, surging by 5.46%, followed by Adani Power, Adani Ports, Adani Wilmar, and Adani Green Energy, which rose by 4.98%, 4.70%, 4.22%, and 4.15%, respectively. NDTV also advanced by 3.73%, while Adani Transmission, Adani Total Gas, Ambuja Cements, and ACC rose by 2.00%, 2.00%, 1.94%, and 1.92%, respectively, on the Bombay Stock Exchange (BSE).
However, on Tuesday, the shares of all ten listed Adani Group firms ended lower for the second day in a row, with Adani Enterprises plunging by 7%. Reports on debt payment not matching with pledged shares data caused a decline in group stocks on Tuesday. Adani Group CFO Jugeshinder Robbie Singh clarified that stock exchanges update data on promoter share pledges at the end of the quarter, which may cause discrepancies in the current data. Singh also refuted reports suggesting that the company’s announcements did not match the information available on stock exchanges and called it a “deliberate misrepresentation.” The conglomerate had announced that it had repaid USD 2.15 billion of loans that were taken by pledging promoter shares on March 12.
The US-based short-seller, Hindenburg Research, had flagged “substantial” debt levels at the group while alleging accounting fraud and the use of offshore shell companies to inflate stock prices in a January 24 report. The group has denied all allegations, calling them “malicious,” “baseless,” and a “calculated attack on India.”
The positive movement in Adani Group stocks on Wednesday has provided relief to investors. However, the ongoing dispute over the group’s debt payment and allegations of accounting fraud will continue to impact investor sentiment.