As reported by The Caine, regulatory filings show that even after Adani Group claimed complete repayment of its $2.15 billion share-backed loan, banks have not returned a significant portion of the shares held as collateral.
There is chaos in the shares of Adani Group again. On Tuesday, all 10 shares of Adani Group are seeing a decline. The shares of Adani Enterprises, the flagship company of the group, are witnessing a decline of more than 5 per cent. In fact, this decline has come after the report of Kane, in which the question has been raised whether Gautam Adani’s group has really repaid the total debt of $ 2.15 billion? Kane’s report has also given many arguments behind this question. Because of which there is a huge decline in the shares of the group.
Was it just a matter of loan repayment?
As reported by The Caine, regulatory filings show that even after Adani Group claimed complete repayment of its $2.15 billion share-backed loan, banks have not returned a significant portion of the shares held as collateral. This means that Adani Group has not made full payment of the loan. It has been said in the report that Adani Group has made partial payment to banks only to avoid action and reduce its loan amount. According to the report, when the prepayment was announced by the group, the banks have released only the pledged shares of Adani Ports and SEZ.
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It has also been claimed in the report that the pledged shares of Adani Green and Adani Transmission have not been released by the banks even after a month of repaying the loan. This is highly unusual as the pledged shares are usually released immediately after the borrower repays his loan.
fall in company shares
After this report, there has been a decline in the shares of all 10 companies of Adani Group. Shares of Adani Power, Adani Transmission, Adani Green Energy and Adani Total Gas saw a decline of 5 per cent on Tuesday. On the other hand, the shares of Adani Group’s flagship company have seen a decline of more than 7 percent. Shares of Adani Port and SEZ saw a decline of up to 9 per cent. Shares of Adani Power, Adani Transmission, Adani Green Energy and Adani Total Gas are witnessing a decline of 5 per cent. Adani Wilmar plunged 4.99 per cent while NDTV shares plunged 4.73 per cent. Shares of cement companies ACC and Ambuja declined by 4.45 per cent and 3.43 per cent respectively.
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First Hindenburg’s report had caused damage
Hindenburg’s report came on 24 January. After which there was a huge decline in the shares of Adani Group. In the report, Adani Group was accused of the biggest financial fraud ever and said that they have committed accounting fraud and have taken the help of offshore companies to manipulate the shares. After the report came, the group had lost $ 140 billion in a month. After that, there was definitely a slight recovery in the shares of Adani Group, but the decline in the shares of the companies is still going on.