The slide in the stocks resumed after a report by The Ken claimed that the Adani group has not completely repaid its loans taken against the promoters' shares
Hindenburg report allegations have limited near term impact
This comes after questions were raised about his status following short-seller Hindenburg Research naming him prominently in its January report
Elara holds a 1.6 per cent stake in Adani Enterprises, 3.62 per cent in Adani Transmission and 1.62 per cent in Adani Total
Adani Ports, Hindalco among stocks with 100 per cent 'Buy' rating by analysts.
Analyst recommends investors should wait for some constructive growth direction before venturing into the Group stocks.
Adani Group: The repayment of the loan will release the pledge on shares of promoters in four Adani Group companies, Adani Enterprises, Adani Ports, Adani Green Energy and Adani Transmission
So far in the last two months, the Adani Group now have prepaid share-backed financing up to $2,016 mn as part of the promoters' commitment to cut overall leverage.
Affirms ratings on long-term loans of both firms
The promoters plan to use the proceeds to retire debt and for other purposes.
"This part prepayment is from the existing cash balance and funds generated from the business operations," the spokesperson said in an email response
Adani Power was locked at the 5 per cent upper limit, and has rallied 21 per cent in last four days. Adani Green hit 5 per cent lower circuit, and has shed 70 per cent since the Hindenburg allegation.
Aditya Birla Sun Life Mutual Fund has also received the payment, A. Balasubramanian, managing director and chief executive, confirmed in an emailed response
Stocks to Watch: Adani Green Energy (AGEL) has decided to review its capital expenditure (capex) plan of Rs 10,000 crore for financial year 2023-24 (FY24)
At the end of January, Quant MF had close to Rs 950 crore investment in Adani Ports and Ambuja Cement
Kerala will have to provide Adani Ports Rs 400 crore when 30 per cent of the breakwater is completed and they have been knocking on the doors of the government for a while
Shares of eight of the 10 group firms closed in the red, while two companies settled in the green territory on Friday
Adani Enterprises locked 10 per cent lower circuit, while Adani Ports, Adani Power, Adani Transmission, Adani Total Gas, Adani Green Energy and Ambuja Cements were down up to 6 per cent
India's largest private sector ports operator, which reported an earnings miss in the latest quarterly earnings, also said it would roughly halve its capital expenditure next financial year
Stocks to Watch: Tata Steel reported a consolidated net loss of Rs 2,223.84 crore in the December quarter (Q3FY23) on the back of a sharp drop in realisations in Europe