Adani Group stocks: All 10 counters trade in the red; Adani Ent fall over 7%

Shares of Adani‘s flagship entity, Adani Enterprises were trading 7.53 per cent lower at ₹1,593.30 apiece, while Adani Ports and Special Economic Zone fell 8.89 per cent to trade at ₹573.20 per share.

Shares of Adani Power tumbled 5 per cent, Adani Transmission tanked 5 per cent, Adani Green Energy slipped 4.93 per cent and Adani Total Gas fell 5 per cent on the NSE.

Meanwhile, the stock of Adani Wilmar dived 4.99 per cent, NDTV slumped 4.73 per cent, ACC was down 4.45 per cent and Ambuja Cements 3.43 per cent.

Many of the group firms hit their lower circuit limits during the day.

What led to the selloff

The selloff in Adani Group stocks resumed following a report by The Ken. The report raised questions on whether Gautam Adani-led ports-to-power conglomerate has actually repaid debt totalling $2.15 billion.

“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,” according to the report.

Further, the report said that the Adani Group has only reduced the loan amount through partial repayment to avoid pledging more shares and any action against it by the lenders.

Following the group’s prepayment announcement, banks have only released the pledged shares of Adani Ports & SEZ, per the report.

“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 added.