Adani Hindenburg Row: Gautam Adani makes a comeback ! Stock price rise by 17% after $113.6 billion wipeout

Adani Hindenburg Row: Tuesday, when the Indian conglomerate Adani Group paid off some loans, its shares rose, providing comfort to investors who had watched the firm’s market value decline by $113.6 billion since a U.S. short-seller issued a negative report two weeks ago.

After Hindenburg Research claimed on January 24 that the company had participated in stock manipulation and utilised tax havens, the firm, led by billionaire Gautam Adani, has been rocked by days of market unrest. It further claimed that the organization’s debt was unmanageable.

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Adani enterprises gains more than 17%

The Adani Group has refuted the accusations, claiming that it abides by all legal requirements and has made all essential disclosures throughout time. Nevertheless, investors sold off its stock as worries about a financial crisis mounted. The share price decline might affect the group’s capacity to obtain cash, according to Moody’s rating agency, and India’s central bank has begun examining lenders’ exposure to it.

The conglomerate’s main firm, Adani Enterprises, was up more than 17% even as benchmark stock market indexes traded worse. Ahead of its Q3 results, Adani Wilmar too experienced a significant 5% rise. All three Adani companies—Adani Power, Adani Green Energy, and Adani Total Gas Ltd.—were down 5% on the day.

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Adani had to let go off FPO

Adani Transmission, Adani Ports, and the Special Economic Zone, which have previously released their third quarter financial results, were all trading up. While NDTV gained close to 1%, Adani-owned cement companies ACC and Ambuja Cement were also trading higher.

The market collapse also caused Adani to delay a crucial $2.5 billion share offering last week, which was a big blow for the tycoon. Adani Group, however, said on Monday that it will pay $1.11 billion in loans on shares in advance. JPMorgan stated separately on Tuesday that the group firms were still qualified to be included in the bank’s bond indexes.

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