AEL, Adani Power, Adani Ports: Adani stocks in focus ahead of SC hearing on Hindenburg allegations

Adani group stocks namely Adani Enterprises Ltd, Adani Power Ltd, Adani Green Energy Ltd, Adani Wilmar Ltd, Adani Energy Solutions Ltd and Adani Ports, among others, will be in focus on Thursday, ahead of the Supreme Court (SC) hearing on Hindenburg Research allegations. The Adani-Hindenburg matter is likely to be taken up for hearing by a bench headed by CJI DY Chandrachud on September 15. Also, the group stocks would also be in focus today after a Bloomberg report suggested that the group is in talks with banks to refinance $3.5 billion debt taken on to fund the purchase of Ambuja Cements.

Among the recent developments, a former Adani Group contractor has approached the Supreme Court, requesting to be considered as a relevant party in the Sebi probe into allegations of stock manipulation against the Adani group, The Economic Times reported on Wednesday. Besides, one of the PIL petitioners in the Adani-Hindenburg row has, in an affidavit, alleged that Sebi suppressed important facts from the SC and slept over Directorate of Revenue Intelligence's letter on alleged stock manipulation by the Adani firms, PTI reported this week.

Sebi recently said it has examined 24 matters in compliance with orders of the top court and that it would take appropriate action based on the outcome of the investigations in the Adani-Hindenburg matter. “Out of the said 24 investigations, 22 are final in nature and 2 are interim in nature,” it suggested.

The Hindenburg Research report, published on January 24, alleged accounting fraud, stock price manipulation and improper use of tax havens by the Adani group companies, triggering a $150 billion rout in the group market capitalisation earlier this year. The Adani group maintained that the report by the US-based short seller was a "deliberate and malicious attempt” aimed at damaging the reputation of the group and generating short-term profit by driving down Adani group stocks.

Meanwhile, a Bloomberg report suggested that the group is in talks with banks to refinance debt taken on to fund its purchase of Ambuja Cements. As per the report, banks are likely to refinance a total of $3.5 billion, according to people familiar with the matter, who asked not to be named because the matter is private. Adani would repay at least $300 million on the original Ambuja facility, Bloomberg suggested.

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