The share price of Adani group companies, including Adani Green Energy, Adani Power, Adani Transmission, Adani Ports & SEZ, and Adani Enterprises, remained in the spotlight on March 29 as the group denied media allegations that questioned the Indian conglomerate’s capacity to repay its loans. The organization referred to it as a “mischievous allegation.”
Adani Group reported the “full payback” of $2.15 billion in margin-linked share-backed financing before the March 31 deadline earlier this month. It further said that all pledged shares for such loans have been released.
In addition to the repayment of $2.15 million in debt, the founders paid off a $500 million credit used to finance the acquisition of Ambuja Cements Ltd.
The Business had repaid $2.15 billion.
Nevertheless, a recent investigation by the internet journal “The Ken” highlighted doubts as to whether the firm had repaid its $2.15 billion in obligations.
The Indian stock exchange then requested clarification from the Indian conglomerate on the news story.
According to media reports, Adani Group issued the following statement on Tuesday: “The Adani Group strongly refutes the news report published by The Ken, a digital publication, which makes the baseless and intentionally misleading claim that the Group has not yet repaid USD 2.15 billion in share-backed debt.”
It is reported that in the three trading sessions leading up to Tuesday, the market capitalisation of the Adani group decreased by Rs 79,980 crore, from Rs 9,70,730 crore in March to Rs 8,90,750 crore.