Hours after reports claimed that the Adani Group has secured a fresh $3 billion loan from an unnamed sovereign funds, the Gautam Adani-led conglomerate has issued a clarification that the news is not true, a Bloomberg report claimed on Wednesday evening. A report in Reuters said that the Adani Group has told its creditors that it has secured a $3 billion loan from a sovereign wealth fundy. Two sources with knowledge of the matter told Reuters that the credit line from the sovereign wealth fund could be upsized to $5 billion. “We completely deny this baseless speculation. This is totally false and untrue,” a source told Bloomberg.
On Tuesday, the Adani Group said it has plans to prepay or repay share-backed loans worth between $690-790 million by end of March 2023. The Adani Group has been under pressure after Hindenburg Research released a scathing report accusing it of stock manipulation and fraud through a wave of shell firms. Following the release of the report on January 24, the Adani Group saw its fortune deplete by 60-70 per cent in market capitalisation.
Since January 24, seven listed Adani Group companies have lost more than $140 billion in market value. Adani has rejected the allegations and denied any wrongdoing.
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Stock recovery
Since Tuesday, the listed Adani Group stocks saw some price recovery. On Wednesday, all the 10 listed stocks settled higher for the first time in sync on Wednesday.
Only one Adani stock has stood tall amid the recent plunge. Adani Ports and Special Economic Zone Ltd (Adani Ports) continued its upward trend for the fifth straight session. Adani Ports' stock rose 1.61 per cent today to close at Rs 602.15. The counter has surged 52.46 per cent from its 52-week low level of Rs 394.95, hit on February 3, 2023.
A total of 19.20 lakh shares changed hands on BSE today, which was more than two times compared to Adani Ports' two-week average volume of 9.54 lakh shares. Turnover on the counter stood at Rs 116.28 crore, commanding a market capitalisation (m-cap) of Rs 1,30,072.77 crore.
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