New Delhi: After Hindenburg, most investors are worried about the financial condition of Adani Group. But the company is trying to regain the confidence of the investors by conducting roadshows and prepaying the loans secured by the company’s shares. But the news of Adani Group’s suspension of its Rs 34,900 crore petrochemical project at Mundra in Gujarat hit Adani shares. The group sent emails yesterday, including to suppliers, informing them to suspend all activities related to the project as soon as possible until further notice. Immediately after the news, Adani’s shares plunged. The share price of Adani Enterprises fell by three percent. The stock is currently trading at Rs 1,804. All major Adani Group stocks fell.
It is interesting to note that the group has been putting the big investment projects on hold. Recently, the group also shelved a project to buy a coal plant worth Rs 7,000 crore. Also withdrew from acquisition of shares of PTC, a power trader. There are also reports that the group is selling 4.5 per cent stake in Ambuja Cements and ACC to settle debt.
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Two months after short-selling firm Hindenburg Research published a report alleging accounting fraud and stock manipulation against the Adani Group, the Adani Group has yet to recover from the shock caused by Hindenburg. In 2021, Adani Enterprises Limited acquired Mundra Petrochem Limited to set up a greenfield coal-PVC plant at Adani Ports and SEZ in Kutch district.