Shares of Adani Enterprises, the flagship company of the Adani Group, bounced back on Tuesday. The stock price rose by more than 14 percent in a single day. This increased the total market value of the group. The market value, which had fallen to Rs 7 lakh crore on Monday, crossed Rs 8 lakh crore in a single day.
SBI and Bank of Baroda have hinted that they will continue to provide loans to the Adani Group. All seven of Adani’s companies made gains in one day despite the negative market conditions. Three of the Adani Group’s stakes have landed in the upper circuit and two in the lower circuit. The rise in Adani Group’s shares in a single day has led to the group’s total market capitalization rising by Rs 37,214 crore.
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Adani Enterprise shares alone gained Rs 26,493 crore. Meanwhile
Shares of Adani Enterprises have fallen nearly 60 per cent from their previous closing price since the release of a Hindenburg Research report alleging manipulation of the value of Adani Group shares and accounting fraud.
There are reports that the Adani Group is planning to prepay or repay its equity-backed loans amounting to USD 790 million by the end of March this year. Adani is also planning to refinance green energy bonds for a period of three years.
The Adani Group had earlier this month spoken to bondholders to address investors’ concerns. Following the proposal, group executives are said to be discussing refinancing plans and planning to prepay the loans. The Hindenburg has rocked Adani companies, but the Adani Group denies the allegation. After the report came out, the seven Adani companies alone lost $14,000 crore.
