Of these, ACC hit a fresh 52-week low of Rs 1,604, having slid below its previous low of Rs 1,659.25, touched on February 27, 2023. Others including Adani Power, Adani Transmission, Adani Total Gas, Adani Green, NDTV and Adani Wilmar were frozen in their respective 5 per cent lower circuits.
“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,” the report said.
On March 12, Adani Group announced that it completed full prepayment of margin linked share backed financing of around $2.15 billion, well before the committed timeline of March 31, 2023.
However, another report today said that the group is seeking some more time to repay the debt associated with Ambuja Cements and ACC.
Today’s sharp selloff follows Monday’s decline, wherein over Rs 300 billion of the group’s market capitalisation (mcap) had been eroded. As of Monday’s close, the group has lost nearly Rs 15 trillion in mcap as against the record-high of Rs 24 trillion in October last year.
“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 said.
The group has conducted roadshows to convince investors, prepaid debts and sold stake to US-based GQG Partners in a Rs 15,000 crore deal in an attempt to arrest the selloff in its shares.
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