https://sputniknews.in/20230207/adani-shares-see-25-surge-days-after-120bln-loss-over-hindenburg-jolt-782396.html
Adani Shares Surge 25% Days After $120Bln Loss Over Hindenburg Jolt
Adani Shares Surge 25% Days After $120Bln Loss Over Hindenburg Jolt
Sputnik India
Gautam Adani's conglomerate is engaged in several sectors, including airports, FMCG, ports, renewable energy, power distribution, and mass media.
2023-02-07T16:47+0530
2023-02-07T16:47+0530
2023-02-07T18:57+0530
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The shares of Adani Enterprises, the flagship firm in Indian industrialist Gautam Adani's group of companies, rose 25 percent on Tuesday.The huge gains came after two consecutive weeks of massive losses after a $120Bln market rout after US investment group Hindenburg Research accused India's largest business house of widespread manipulation and accounting fraud on 24 January.The uptick in Adani Enterprises' shares came just hours after the Ahmedabad-headquartered group announced that it would make payments worth more than $1Bln due in loans.The present rise in the shares of Adani Enterprises and other listed companies belonging to the Indian conglomerate helped cut the total loss from $120Bln to $112Bln.The massive slide in shares after Hindenburg Research's allegations raised questions about its capacity to raise fresh capital to fulfill its debt requirements. The group also scrapped a $2.5Bln follow-on public offer (FPO) last week. On Monday, however, it said that it was making an early payment of $1.1Bln due in loans, in a move that is expected to calm market sentiment."The markets are happy that they pre-paid a chunk of their borrowings. This is a refreshing sign of confidence," market analyst Srinath Sridharan told the media after Tuesday's jump in shares.The rise in the share price is also crucial for Adani himself, who has vehemently denied the allegations from Hindenburg Research.
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Adani Shares Surge 25% Days After $120Bln Loss Over Hindenburg Jolt
16:47 07.02.2023 (Updated: 18:57 07.02.2023) Gautam Adani's conglomerate is involved in a number of sectors, including airports, fast-moving consumer goods, ports, renewable energy, power distribution, and mass media.
The shares of Adani Enterprises, the flagship firm in Indian industrialist Gautam Adani's group of companies, rose 25 percent on Tuesday.
The huge gains came after two consecutive weeks of massive losses after a $120Bln market rout after US investment group
Hindenburg Research accused India's largest business house of
widespread manipulation and accounting fraud on 24 January.
The uptick in Adani Enterprises' shares came just hours after the Ahmedabad-headquartered group announced that it would make payments worth more than $1Bln due in loans.
The present rise in the shares of Adani Enterprises and other listed companies belonging to the Indian conglomerate helped cut the total loss from $120Bln to $112Bln.
The massive slide in shares after Hindenburg Research's allegations raised questions about its capacity to raise fresh capital to fulfill its debt requirements.
The group also scrapped a $2.5Bln follow-on public offer (FPO) last week. On Monday, however, it said that it was making an early payment of $1.1Bln due in loans, in a move that is expected to calm market sentiment.
"The markets are happy that they pre-paid a chunk of their borrowings. This is a refreshing sign of confidence," market analyst Srinath Sridharan told the media after Tuesday's jump in shares.
The rise in the share price is also crucial for Adani himself, who has vehemently denied the allegations from Hindenburg Research.
Declaring that "fundamentals of our company are very strong, our balance sheet is healthy and assets robust", Adani concluded that "these allegations are baseless".
