Adani stocks recover as group rebuts debt repayment reports; all 10 counters in green

Adani Group stocks recovered in market after the ports-to-power conglomerate rebutted reports that it has not finished repayment of loans backed by shares worth $2.15 billion. "Adani has completed full prepayment of margin linked share backed financing aggregating to USD 2.15 billion and all corresponding shares pledged for those facilities have been released," the group stated in a regulatory filing.

The conglomerate has denied the reports in separate statements Tuesday, calling the Economic Times’ claims that the group is seeking to renegotiate the terms of $4 billion worth of loans “baseless speculation." The group's flagship entity, Adani Enterprises, advanced as much as 6.69 percent to Rs 1,708 per share, while Adani Ports & Special Economic Zone added 4.71 percent to Rs 621.35 apiece and were among the top Nifty 50 gainers.

Other group companies also gained, paring losses on Tuesday spurred by reports from the Economic Times and The Ken. Among other stocks, Adani Power climbed 4.98 percent, Adani Wilmar 4.22 percent, and Adani Green Energy 4.15 percent on the BSE. The stock of NDTV surged by 3.73 percent, Adani Transmission went up by 2 percent, Adani Total Gas by 2 percent, Ambuja Cements by 1.94 percent and ACC by 1.92 percent.

Adani Group CFO Jugeshinder Robbie Singh on Tuesday said stock exchanges update data on promoter share pledges at the end of the quarter, as he tried to clarify on present data not matching with the conglomerate's statement of repaying all the $2.15 billion of share-backed debt.

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