Apart from refuting all the charges levelled by Hindenburg Research and holding roadshows in different parts of the world to regain investor confidence, the conglomerate has reportedly moved legally against the US-based short seller.
New Delhi: The shares of Adani Group listed companies fell on Monday with Adani Enterprises dipping 5.28 per cent to Rs 1777.40 after reports came out suggesting that the conglomerate has suspended a Rs 34,900 crore petrochemical project at Mundra in Gujarat to focus on resources to consolidate operations and address investor concerns following a damning report by Hindenburg Research.
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New agency PTI reported citing sources that Adani Group sent emails to vendors and suppliers and asked them to “suspend all activities of the scope of work and performance of all obligations” for Mundra Petrochem Ltd’s Green PVC project “till further notice”. This is the following “unforeseen scenario”. The management, it said, was “re-evaluating various project/s being implemented at group level in different business verticals. Based on future cash flow and finance, some of the project/s are being re-evaluated for its continuation and revision in the timeline,” said the report.
Only Adani Green shares performed well on Monday, 20 March 2023.
ADANI GROUP LISTED COMPANIES ON 20 March 2023
| SCRIP | BSE PRICE | NSE PRICE |
| ACC | 1,692.30 (-2.11%) | 1,700.00 (-1.76%) |
| ADANI ENTERPRISES | 1,812.15 (-3.46%) | 1,812.00 (-3.44%) |
| ADANI GREEN ENERGY | 845.05 (3.46%) | 845.55 (3.59%) |
| ADANI PORTS & SEZ | 666.00 (-2.07%) | 667.00 (-1.96%) |
| ADANI POWER | 190.00 (-4.98%) | 189.95 (-5.00%) |
| ADANI TOTAL GAS | 853.10 (-4.99%) | 852.90 (-5.00%) |
| ADANI TRANSMISSION | 999.75 (-2.45%) | 999.00 (-2.28%) |
| ADANI WILMAR | 413.50 (-3.24%) | 413.50 (-3.31%) |
| AMBUJA CEMENT | 365.40 (-3.40%) | 365.50 (-3.42%) |
| NDTV | 198.60 (-3.45%) | 198.60 (-3.90%) |
Hindenburg Research published its report on 24 January 2023 accusing the Adani Group of misuse of offshore tax havens, stock manipulation and raised concerns regarding the conglomerate’s leverage. Days after the report was published, Adani Group’s market capitalisation fell over Rs 10 lakh crore.
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Apart from refuting all the charges levelled by Hindenburg Research and holding roadshows in different parts of the world to regain investor confidence, the conglomerate has reportedly moved legally against the US-based short seller.
On Friday, the National Stock Exchange (NSE) removed Adani Enterprises, Adani Power, and Adani Wilmar from its short-term additional surveillance measures (ASM) framework.
Reached for comments, Adani Group spokesperson said Adani Enterprises Limited will be evaluating the status of growth projects in primary industry vertical over the coming months, reported PTI.
“The balance sheet of each of our independent portfolio companies is very strong. We have industry-leading project development and execution capabilities, strong corporate governance, secure assets, strong cashflows, and our business plan is fully funded. We remain focused on executing our previously outlined strategy to create value for our stakeholders,” the spokesperson said.
