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Shares in Adani Enterprises, the conglomerate's main listed unit, plunged 23.4 percent

India's Adani says US charges 'baseless', opposition demand arrest

Shares in Adani Enterprises, the conglomerate's main listed unit, plunged 23.4 percent

India's Adani Group on Thursday called US charges that their billionaire tycoon founder Gautam Adani had paid more than $250 million in bribes "baseless", as the opposition leader demanded his arrest.
The stiff denial came after shares in the industrialist's conglomerate nosedived more than 23 percent in Mumbai, the morning after a bombshell indictment in New York accused him of deliberately misleading international investors.
Adani, once the world's second-richest man, is a close ally of Hindu nationalist Prime Minister Narendra Modi and critics have long accused him of improperly benefitting from their relationship.
"The allegations made by the US Department of Justice and the US Securities and Exchange Commission against directors of Adani Green are baseless and denied," the conglomerate said in a statement.
"All possible legal recourse will be sought," it added.
But Congress party leader Rahul Gandhi said the businessmen should be taken into custody.
"We demand that Adani be immediately arrested. But we know that won't happen as Modi is protecting him," Gandhi told reporters in New Delhi.
"Modi can't act even if he wants to, because he is controlled by Adani."
Wednesday's indictment accuses Adani and multiple subordinates of paying huge sums of more than $250 million in bribes to Indian officials for lucrative solar energy supply contracts.
The deals were projected to generate more than $2 billion in profits after tax over roughly 20 years.
None of the multiple defendants named in the case are in custody.

Adani Enterprises shares hit Rs 3,449, fully recovering Hindenburg losses. GQG Partners acquired 3.5% stake, showing investor support

Adani Enterprises stock erases all the losses made after the Hindenburg report

<h2>Adani Enterprises shares hit Rs 3,449, fully recovering Hindenburg losses. GQG Partners acquired 3.5% stake, showing investor support</h2>

16 months after the Hindenburg report, Adani Enterprises has finally managed to recover all the losses caused U.S based shortseller's scathing report. Shares of the flagship firm of the Adani group touched an intraday high of Rs 3449.
<h3>Adani Enterprises share recovers</h3>
As per CNBC-TV18, the shares of Adani Enterprise closed at levels of Rs 3,442 on January 24, 2023, which was the day when the Hindenburg report was released. In just seven trading sessions after January 24, the stock made a 52-week low of Rs 1,017.
As per Moneycontrol, the latest upswing also comes as some analysts expect Adani Enterprises&rsquo; stock to be included in the benchmark S&amp;P BSE Sensex Index in June, potentially bringing passive flows.
The Hindenburg report had accused Adani group of manipulating stock value and accounting fraud over decades. Following this, Adani Enterprise called off its Rs 20,000 crore Follow-On Public Offer, which could have been the biggest in the country's history.
<h3>Investors backing</h3>
However analysts and foreign investors had continued to extend their support for the group since the release of the report. The group received major support from GQG Partners, which in March 2023, &nbsp;acquired stake in four Adani Group companies. Over the course of the year, the firm went on to increase its stake across other group companies as well. GQG currently owns close to 3.5% stake in Adani Enterprises.
US based brokerage Cantor Fitzgerald has given a bullish coverage for Adani Enterprises shares. The brokerage liked the company as it provides exposure to multiple businesses of the group being the holding company. Cantor Fitzgerald initiated coverage on Adani Enterprises in January this year, with an "overweight" rating and a price target of Rs 4,368.
Meanwhile, the Supreme Court has directed markets regulator SEBI to investigate the Adani-Hindenburg case.&nbsp;
Also watch: <a href="https://www.editorji.com/business-news/markets/adani-hindenburg-case-verdict-adani-group-stocks-soar-after-supreme-court-ruling-1704266318384">Adani-Hindenburg case verdict: Adani Group stocks soar after Supreme Court ruling</a>

Brokerage Firm Cantor Fitzgerald, &nbsp;initiated coverage for the Adani Enterprises stock with an &lsquo;overweight&rsquo; call rating, setting the target price at Rs 4,368 per share

Adani shares soars post brokerage firm Cantor Fitzgerald's "too big to ignore" comment

Brokerage Firm Cantor Fitzgerald,  initiated coverage for the Adani Enterprises stock with an ‘overweight’ call rating, setting the target price at Rs 4,368 per share

<h2>Brokerage Firm Cantor Fitzgerald, &nbsp;initiated coverage for the Adani Enterprises stock with an &lsquo;overweight&rsquo; call rating, setting the target price at Rs 4,368 per share</h2>

Adani companies' shares spiked after Brokerage Firm Cantor Fitzgerald,&nbsp; initiated coverage for the Adani Enterprises stock with an &lsquo;overweight&rsquo; call rating. It went on to call the firm "too big to ignore".
<h3>Analysts on Adani Enterprise</h3>
Cantor had set the target price of Rs 4,368 per share, expecting an upside of over 50% on Adani Enterprises shares. However, the share prices ended at Rs 3,061 on Monday.&nbsp;
The brokerage firm said its valuation is based on Adani's airports, roads, solar, wind and electrolysers segments, where it expects to outgrow peers. It also expects airports, new energy ecosystem and data cente JV to be spun out.
In addition, the brokerage expects Adani Enterprises to rely less on outside capital in the coming years with greater margin improvement. Analysts Brett Knoblauch and Thomas Shinske also noted that "Adani Enterprises Ltd. is at the core of everything India wants to accomplish," while initiating coverage as overweight.&nbsp;
According to data compiled by Bloomberg, Cantor Fitzgerald is the only one with an active recommendation on the stock.&nbsp;
<h3>Adani shares performance</h3>
On Monday's close all the Adani company shares ended in green with Adani power and Adani Enterprise ending 5% higher Adani Group - saw a growth of over 4.5%. Similarly Adani Energy Solutions rose 3.5%, Adani green energy 2.87%, Adani Ports 4.2%, Adani Total Gas 3.13%, Adani Wilmar 2.56%
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SC's CJI Chandrachud-led bench asserts Supreme Court can't question SEBI probe solely on media reports





 
 













 



Adani versus Hindenburg case: Supreme Court reserves verdict on PILs for court-monitored probe

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<h2>SC's CJI Chandrachud-led bench asserts Supreme Court can't question SEBI probe solely on media reports</h2>
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The Supreme Court has reserved its verdict on petitions probing fraud allegations against Adani Group following the Hindenburg Research report. Chief Justice DY Chandrachud led the bench, stressing SEBI's independence from media influence.
Advocate Prashant Bhushan claimed SEBI's probe lacked credibility due to unaddressed fund links involving Vinod Adani. However, the court stated SEBI couldn't act based solely on media reports.
The case revolves around accusations of Adani inflating share prices, causing a significant stock drop. Petitions also questioned SEBI Act changes shielding Adani Group's market maneuvers.
Also read/watch - <a title="Tesla eyes $2 billion investment in India but with conditions: Report" href="https://www.editorji.com/business-news/economy/tesla-eyes-2-billion-investment-in-india-but-with-conditions-report-1700823418348#google_vignette">Tesla eyes $2 billion investment in India but with conditions: Report</a>
Earlier, SEBI's independent investigation and an expert committee found no major lapses. The court addressed allegations of media manipulation influencing India's actions.
Sharp exchanges erupted over SEBI's impartiality and committee members' associations. Despite conflict claims, the Court sought substantial evidence.
Meanwhile, SEBI affirmed nearing completion of its investigation, citing a need for information from foreign regulators to conclude the two remaining probes.

This is the second time in less than a month that the promoters have raised stake in the flagship firm that incubates new businesses

Adani hikes stake in two group companies

This is the second time in less than a month that the promoters have raised stake in the flagship firm that incubates new businesses

The billionaire Gautam Adani-led promoter group has increased its stake in two of the group's listed companies as part of a strategy to recover from damaging reports. They raised their stake in flagship company Adani Enterprises to 71.93% from 69.87%, marking the second increase in less than a month.
Additionally, the promoter group raised its stake in Adani Ports and Special Economic Zone Ltd from 63.06% to 65.23%. These stake increases followed purchases by Resurgent Trade and Investment Ltd and Emerging Market Investment DMCC, both promoter group firms, in Adani Ports and Special Economic Zone Ltd. For Adani Enterprises Ltd, shares were bought by Kempas Trade and Investment Ltd and Infinite Trade and Investment Ltd. These transactions occurred between August 14 and September 8.
This development comes shortly after US-based boutique investment firm GQG Partners increased its stake in Adani group firms, particularly Adani Ports &amp; Special Economic Zone (APSEZ), where it now holds a 5.03% stake. GQG has also invested in other Adani Group firms, including Adani Power Ltd.
The Adani Group had faced allegations of accounting fraud and improper practices by US short-seller Hindenburg Research, which led to a significant decline in market value. However, the group has been working on a comeback strategy, including debt reduction and reevaluating its ambitions.
Despite the initial setback, GQG has continued to invest in Adani companies, and their shares have gradually recovered some of their losses. Additionally, other investors like Qatar Investment Authority (QIA) and Bain Capital have shown confidence in Adani Group firms, injecting funds into various projects.
Adani Enterprises, Adani Transmission, and Adani Green Energy have also received board approvals for primary issuances through share sales to investors. These companies are actively involved in green hydrogen and renewable energy projects with ambitious capacity targets.

Adani's promoter group, Kempas Trade and Investment, boosts stake in flagship firm Adani Enterprises from 67% to 69%. Adani Group stocks surge to ₹11.29 lakh crore, reflecting growing investor confidence

Adani promoter group increases stake in flagship company 

Adani's promoter group, Kempas Trade and Investment, boosts stake in flagship firm Adani Enterprises from 67% to 69%. Adani Group stocks surge to ₹11.29 lakh crore, reflecting growing investor confidence

The billionaire Gautam Adani-controlled promoter group, Kempas Trade and Investment Ltd, promoter group of Adani Group's flagship company, Adani Enterprises Limited increased its stake in AEL from 67% to 69%. This disclosure was made in an exchange filing on August 21.
Significantly, the collective market capitalization of Adani Group stocks surged beyond ₹11 lakh crore to attain ₹11.29 lakh crore, marking a six-month pinnacle on August 21.
At present, public shareholders hold the remaining 31% ownership in AEL. Notable among these shareholders is GQG Partners, a US-based investor, retaining 2.67%, and LIC, a significant domestic institutional investor in India, preserving a 4.26% stake.
In a surprising turn, despite the corporate governance concerns voiced by Hindenburg Research, GQG Partners maintains its unwavering faith in Adani stocks. In March, GQG injects over ₹15,000 crore, securing stakes in four Adani Group companies, including AEL. This trust continues into June, as GQG acquires approximately ₹8,265 crore worth of additional shares in both Adani Enterprises and Adani Green Energy.
Amidst these developments, investor apprehensions arise as Deloitte departs as the auditor of Adani Ports &amp; Special Economic Zone (APSEZ). This transpires even as the Adani Group embarks on a gradual journey of resurgence from the aftermath of Hindenburg's report.&nbsp;
In the report published earlier this year, Hindenburg accused the conglomerate of engaging in "brazen stock manipulation and accounting fraud." However, the Adani Group vehemently repudiates these allegations, denouncing the report as a "calculated attack on India."
Also Watch: <a href="https://www.editorji.com/business-news/gqg-other-investors-invest-1-1-bn-for-8-1-stake-in-adani-power-1692248129435">GQG, other investors invest $1.1 bn for 8.1% stake in Adani Power</a>

SEBI had been looking at whether Adani used companies registered abroad to conduct business and pump up his share prices without properly disclosing affiliations, since October 2020

Adani-Hindenburg probe: SEBI seeks 15 more days to conclude investigation

SEBI had been looking at whether Adani used companies registered abroad to conduct business and pump up his share prices without properly disclosing affiliations, since October 2020

Indian market regulator SEBI has moved the Supreme Court and has asked for 15 more days to conclude probe into allegations of stock price manipulation by Adani group. The Securities and Exchange Board of India (SEBI), in its fresh application, said that it has examined and investigated 24 matters pertaining to the case.
SEBI has also informed the court that "it has progressed substantially". The regulator in its application has said that findings have been crystallised in 4 matters and is awaiting the approval of competent authorities. The investigation is in advanced stage in one matter and an interim report is under preparation in another.
The Supreme Court had said that the probe has to be concluded expeditiously by the extended time of August 14.
In October 2020, SEBI started its investigation on Adani Ports, power and infrastructure empire. The regulator looked at whether Adani used companies registered abroad to conduct business and pump up his share prices without properly disclosing affiliations. However, Adani has repeatedly denied wrongdoing and said it has made all required disclosures.
Based on this, Hindenburg research released its report on Adani in January 2023, alledging that the conglomerate has used aggressive and unconventional accounting practices to inflate its profits and understate its debt.
Also Read: <a href="https://www.editorji.com/business-news/supreme-court-panel-on-adani-hindenburg-issue-can-t-conclude-regulatory-failure-by-sebi-1684494226390">Supreme Court panel on Adani-Hindenburg issue: Can't conclude regulatory failure by SEBI</a>
In May, a Supreme Court appointed panel on the Adani-Hindenburg case has said that it was not possible to conclude if there has been a regulatory failure on the part of capital markets regulator SEBI. However the panel had also accused SEBI of having diluted rules that would have helped break through so-called opaque structures and the regulator&rsquo;s job is made harder by India&rsquo;s overlapping web of corporate laws that offer loopholes that the large businesses often exploit.
During the course of investigation, SEBI has had brought many changes into the disclosures from Foreign Portfolio investors. The board had approved &nbsp;changes mandating additional disclosures from foreign portfolio investors and granular information on their ownership and economic interests from September. SEBI is also considering to make Indian conglomerates to report transcations involving their unlisted group companies.

Circuit limits have been increased from 5% to 10% for Adani Green Energy, Adani Transmission, and Adani Wilmar. Adani Power circuit limit increased from 5% to 20%

Adani stocks on the rise as BSE, NSE raise circuit limits 

Three Adani stocks trade in green as BSE, NSE raise circuit limits; Adani Power up 4%

Circuit limits have been increased from 5% to 10% for Adani Green Energy, Adani Transmission, and Adani Wilmar. For Adani Power, the circuit limit has been increased from 5% to 20%

Shares of three Adani Group companies saw a spike on Wednesday. This after BSE and NSE raised the upper circuit limits of four of the Adani group stocks.&nbsp;
The circuit limits have been changed for Adani Green Energy, Adani Transmission, and Adani Wilmar to 10% from 5%. For Adani Power the circuit limit has been raised from 5% to 20%.
According to an NSE circular, the adjustments, which take effect on Wednesday, June 7, will ensure that the price of the stock cannot go either higher or downward above a limit specified for the day.
According to the exchange, 172 companies have their circuit restrictions adjusted.
The stock exchanges BSE and NSE decreased the circuit limit for Adani Transmission, Adani Green Energy, and Adani Total Gas in January. The choice was made after the Adani stocks took a substantial hit as a result of charges made against the firm by US-based Hindenburg Research.
How do circuit limits work?
Circuit limits are measures put in place by the exchange to stop significant price swings in equities over a relatively short period of time. Orders for that specific stock or contract will stay pending at that circuit price when the price of an instrument reaches the upper or lower circuit limit established by the exchange.
&nbsp;

Since Friday, shares of Adani Enterprises have increased by roughly 35%, while the total market value of Adani stocks has increased by 16%

Adani stock is up 5%, constant purchasing For the fourth day in a row

Since Friday, shares of Adani Enterprises have increased by roughly 35%, while the total market value of Adani stocks has increased by 16%

Three out of ten Adani stocks were locked in their respective 5% upper circuit limits on Wednesday. For the 4th day, many of the Adani group stocks saw the rally continue.&nbsp;
Adani Transmission, Adani Total Gas, and NTDV all saw 5% increase in share prices, while Adani Green and Adani Power saw a 4% increase on Wednesday morning. However, the group's flagship company Adani Enterprises and Adani Ports, saw some decline in their share prices.&nbsp;
Since Friday, shares of Adani Enterprises have increased by over 30%.&nbsp;
Since the report on the Hindenburg issue from the Supreme Court-appointed committee was made public and the last four trading sessions began, the combined market capitalization of Adani stocks has increased by around ₹2 lakh crore or 16% to ₹11 lakh crore.
The Supreme Court panel, led by former judge Justice AM Sapre, stated in its 173-page report, that there was no evidence of regulatory failure by capital markets regulator SEBI.&nbsp;

GQG has increased its stake in Adani group to $3.5 billion and is seeking to become the largest investor in the conglomerate after the family in 5 years

GQG's Rajiv Jain raises stake in Adani's conglomerate by 10% 

GQG has increased its stake in Adani group to $3.5 billion and is seeking to become the largest investor in the conglomerate after the family in 5 years

Investor Rajiv Jain's GQG Partners LLC has increased its stake at the Adani conglomerate by about 10%, reported Bloomberg . The company has also said that it will take part in future fundraising by the Adani group.
Rajiv Jain in an interview to Bloomberg has called the conglomerate, &ldquo;the best infrastructure assets available in India.&rdquo; The value of GQG's Adani holdings is close to $3.5 billion. Jain also told Bloomberg that within five years, GQG plans to become the largest investor in Adani group depending on the valuation after the family.&nbsp;
GQG came to the rescue of Adani group when its stocks were reeling under the pressure caused by the Hindenburg report. In March the company acquired almost $2 billion worth of shares in four of Adani's firms.&nbsp;
After the Hindenburg report Adani's shares had plummeted and the group shed more than $150 billion in market value.&nbsp;
The shares of Adani Enterprises advanced as much as 19% on Tuesday after the Supreme Court panel report said it was not "possible to conclude regulatory failure on allegation of price manipulation".&nbsp;
&nbsp;
&nbsp;

Short seller Hindenburg research will soon release a new report on another target. However, the research firm hasn't provided any details on the timing of the release

Another 'big report' coming soon, says Hindenburg Research in a cryptic tweet

U.S based short seller Hindenburg research claims that it will soon release a new report. However, the research firm hasn't provided any details on the timing of the release

Hindenburg research has claimed that a new report on another target will be released soon. The U.S. Short seller took to twitter and said , 'New report soon&mdash;another big one'.&nbsp;
However, the tweet hasn't revealed details about the timing of the report or any other information.&nbsp;
Hindenburg's report on Adani group accused the conglomerate of accounting fraud and stock price manipulation. Post the report, more than $150 billion from the Indian conglomerate&rsquo;s market value was wiped out.&nbsp;
Adani Group had strongly denied all the allegations, saying that they were "nothing but a lie."&nbsp; The Group said the report was driven by "an ulterior motive" to "create a false market" to allow the US firm to make financial gains.
According to the Hurun Global Rich List released just yesterday, Adani lost Rs 3,000 crore of wealth every week in 2022-23 and his overall networth saw a 60% erosion from its peak.&nbsp;

How is the Adani group fighting back after facing its biggest crisis ever? We take a look in this episode of The India Story 

The India Story | Tracking the Adani Group Saga 

This week on The India Story, we take a look at the row around the Adani group, which is currently facing its greatest crisis ever. Triggered by an attack from a New-York based short-seller, the Hindenburg group, its stock value has plunged down and it’s lost around 110 billion dollars. The impact of this event, which was being felt by the markets already, has now also made it’s way to the parliament with a war of words taking place between in the Centre and the Opposition. 

In this episode, we’ll investigate some crucial questions - how is the Adani group fighting back, where does it stand and what impact will this have on India’s growth and place in the world. 

Also turning our gaze to the devastating earthquakes in Turkey and Russia, and the history of India-Turkey relations in regards to aid missions. 

On the show tonight, Vikram Chandra speaks with Nilesh Shah, Managing Director of Kotak Mahindra Asset Management on the Adani saga, the state of the markets and much more.

How is the Adani group fighting back after facing its biggest crisis ever? We take a look in this episode of The India Story&nbsp;

This week on The India Story, we take a look at the row around the Adani group, which is currently facing its greatest crisis ever. Triggered by an attack from a New-York based short-seller, the Hindenburg group, its stock value has plunged down and it&rsquo;s lost around 110 billion dollars. The impact of this event, which was being felt by the markets already, has now also made its way to the parliament with a war of words taking place between in the Centre and the Opposition.
In this episode, we&rsquo;ll investigate some crucial questions - how is the Adani group fighting back, where does it stand and what impact will this have on India&rsquo;s growth and place in the world.
Also turning our gaze to the devastating earthquakes in Turkey and Russia, and the history of India-Turkey relations in regards to aid missions.
On the show tonight, Vikram Chandra speaks with Nilesh Shah, Managing Director of Kotak Mahindra Asset Management on the Adani saga, the state of the markets and much more.

This week on the show, Vikram Chandra is joined by Nilesh Shah, MD of Kotak Mahindra Asset Management, on the Adani group row 

The India Story | In conversation with Nilesh Shah on the Adani Saga 

Nilesh Shah, one of the respected voices on the Indian stock market, tells Vikram Chandra why the Adani crisis does not seem to have made much of an effect on Indian markets.

This week on the show, Vikram Chandra is joined by Nilesh Shah, MD of Kotak Mahindra Asset Management, on the Adani group row&nbsp;

Nilesh Shah, one of the respected voices on the Indian stock market, tells Vikram Chandra why the Adani crisis does not seem to have made much of an effect on Indian markets.

Gautam Adani-led group's flagship firm Adani Enterprises reported a swing to profit in the quarter ending December 2022 from a loss a year earlier 

Adani Enterprises back to profit in quarter earning, vows to cut leverage

Gautam Adani-led group's flagship firm Adani Enterprises reported a swing to profit in the quarter ending December 2022 from a loss a year earlier&nbsp;

Indian billionaire Gautam Adani's flagship firm Adani enterprises, returned to profit in the December quarter. Gautam Adani said that his businesses would bounce back from damaging corporate fraud allegations. Adani Enterprises posted a net profit of Rs 821 crore for the three months to December, up from a loss of Rs 11.6 crore from a year earlier, in a filing Tuesday.
Ever since the Hindenburg report was released, the group has seen a market cap eroison of $120 billion. Hindenburg Research last month accused Adani group of using offshore tax havens to manipulate stock prices.
In its results note, Adani Enterprises said that a short selle's report alleged certain issues against some of the Adani Group entities, which have been refuted in its detailed response on January 29. "Management of the group has assessed that no material financial adjustment arises to the consolidated financial results for the quarter and nine months ended 31st December, 2022 with respect to these allegations," Adani Enterprises said.
Indian regulators confirmed Monday that they were probing allegations raised in the report for potential instances of securities fraud and insider trading.
The conglomerate has been working to restore market confidence by pledging early repayment of $1.1 billion in loans, and shares in its listed entities have since recovered from their rout.
&nbsp;

Vikram Chandra breaks down how the Adani group is fighting back against recent allegations and the impact this saga will have on India's growth.&nbsp;

Decoded | The row surrounding the Adani group 

This week on The India Story, we take a look at the row around the Adani group, which is currently facing its greatest crisis ever. Triggered by an attack from a New-York based short-seller, the Hindenburg group, its stock value has plunged down and it’s lost around 110 billion dollars. The impact of this event, which was being felt by the markets already, has now also made it’s way to the parliament with a war of words taking place between in the Centre and the Opposition.  

Tune in to see Vikram Chandra's take on the Adani saga. 

Vikram Chandra breaks down how the Adani group is fighting back against recent allegations and the impact this saga will have on India's growth.&nbsp;

This week on The India Story, we take a look at the row around the Adani group, which is currently facing its greatest crisis ever. Triggered by an attack from a New-York based short-seller, the Hindenburg group, its stock value has plunged down and it&rsquo;s lost around 110 billion dollars. The impact of this event, which was being felt by the markets already, has now also made it&rsquo;s way to the parliament with a war of words taking place between in the Centre and the Opposition.&nbsp;&nbsp;
Tune in to see Vikram Chandra's take on the Adani saga.&nbsp;
&nbsp;

Until last week, he was the world's third-richest man. By Thursday he had slipped down to 16th place in the real-time Forbes rich list 

Adani vs Hindenburg: Adani bonds recover after plunging to distressed levels

After shares, Adani bonds plunged to distressed levels

Adani bonds recover after plunging to distressed levels

The 10 listed Adani Group firms have faced a combined erosion of over Rs 8.76 lakh crore in past six trading sessions

Adani bonds&nbsp; Day after Adani Group's combined market capitalisation plummeted by more than $100 billion, shares of Adani Enterprises were trading 15% lower on the BSE in the morning trade on Friday. Adani Enterprises plunged over 26 per cent on Thursday and more than 28 per cent on Wednesday.
The 10 listed Adani Group firms have faced a combined erosion of over Rs 8.76 lakh crore in past six trading sessions. Big banks including Credit Suisse and Citigroup have stopped accepting Adani bonds as collateral for loans to private clients, according to Bloomberg News.
That fuelled worries about how Adani will raise fresh funds, with Adani dollar bonds trading at distressed levels and signs of contagion in Indian markets increasing, Bloomberg reported.
The 2031 notes sold by Adani Ports, one of those which had a payment date on Feb. 2, climbed 3.7 cents on the dollar to 67.7 cents as of 10:50 a.m. in Hong Kong. Adani Green Energy Ltd.&rsquo;s dollar bond maturing in Sept. 2024 rose 6.8 cents on the dollar to 70.4 cents, on course for its biggest daily increase on record, according to Bloomberg-compiled data.
Even so, some on the conglomerate&rsquo;s dollar debt is trading at below 70 cents, a level which is typically considered distressed.

“As the regulator and supervisor, the RBI maintains a constant vigil on the banking sector and on individual banks with a view to maintain financial stability", RBI said in a statement on Friday.

Adani stocks rout: banking sector remains resilient and stable says RBI 

&ldquo;As the regulator and supervisor, the RBI maintains a constant vigil on the banking sector and on individual banks with a view to maintain financial stability", RBI said in a statement on Friday.

Amid media reports expressing concern about the exposure of Indian banks to the Adani Group, the RBI on Friday said that the banking sector remains resilient and stable as per its current assessment.
In a statement, the RBI stated that as the regulator and supervisor it keeps a constant vigil on the banking sector and on individual banks to maintain financial stability.
&ldquo;Various parameters relating to capital adequacy, asset quality, liquidity, provision coverage and profitability are healthy and banks are also in compliance with the Large Exposure Framework guidelines issued by the RBI,&rdquo; the central bank added.
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Since 25th January, the day after the report came out, 7 Adani group company stocks have fallen anywhere between 26% and 56%. However, if we rewind back even to two years ago, majority of the stocks are still much higher.

Adani group companies' market cap erodes by $100 billion 

Adani group stocks market cap erodes by $100 billion 

Since 25th January, the day after the report came out, 7 Adani group company stocks have fallen anywhere between 26% and 56%.&nbsp;

Adani group stocks have been on a downward spiral with many of the stocks hitting lower circuit after lower circuit. The impact of the scathing Hindenburg report has led to a cumulative erosion of as much as $100 billion in market cap of the group companies. The report said that the group had manipulated stock prices and done accounting fraud for over decades. The Adani group has denied the allegations, threatened legal action and provided a 400 page rebuttal. However, Hindenburg research continues to stand by its report.&nbsp;
Since 24th of January, when the Hindenburg report was released, the Adani group stocks have been battered which also led to massive volatility in the broader stock markets. The report was released on the eve of the Adani enterprises 20,000 crore follow-on public offering. Despite the FPO being fully subscribed, the company called off the FPO citing &lsquo;unprecedented circumstances&rsquo; and market volatility. In fact, for the first time amid the entire controversy, Chairman, Gautam Adani spoke out, saying that it wouldn&rsquo;t be morally correct to proceed with the FPO.
But, let&rsquo;s take a closer look at the way the Adani group stocks have moved. Since 25th January, the day after the report came out, 7 Adani group company stocks have fallen anywhere between 26% and 56%.&nbsp; However, if we rewind back even to two years ago, majority of the stocks are still much higher.&nbsp;
<img src="https://cdn.editorji.com/63dca653a3def_1675404883.jpg" width="440" height="220">
In the latest developments, as per a Reuters report, the Reserve Bank of India has asked banks to provide details of their exposure to the Adani group.

A statement by the group said that given the unprecedented situation and the current market volatility, the company is withdrawing the completed FPO transaction.

Adani Enterprises calls off Rs 20,000 crore FPO

Adani Enterprises calls off Rs 20,000 croreFPO
FPO withdrawn due to current market volatility: Adani Enterprises
Money to be returned to investors: Adani Enterprises

A statement by the group said that given the unprecedented situation and the current market volatility, the company is withdrawing the completed FPO transaction.

Adani Enterprises on Wednesday said it has decided to withdraw its fully subscribed Rs 20,000-crore follow-on public offer (FPO) and will return the proceeds to investors.
The announcement came a day after the company's FPO was subscribed fully on the last day of the offer on Tuesday.
"The Board of Adani Enterprises Ltd., (AEL) decided not to go ahead with the fully subscribed FPO. Given the unprecedented situation and the current market volatility the company aims to protect the interest of its investing community by returning the FPO proceeds and withdraws the completed transaction," the Adani group's flagship company said in a statement.
(PTI)&nbsp;

The Rs 20,000 crore share sale of Adani group's flagship firm was fully subscribed on Tuesday after non-retail investors bid in big volumes, according to stock exchange data

Adani Enterprises FPO fully subscribed

The Rs 20,000 crore share sale of Adani group's flagship firm was fully subscribed on Tuesday after non-retail investors bid in big volumes, according to stock exchange data

Adani Enterprises FPO Adani Enterprises&rsquo; Follow-On Public Offer or FPO has been over-subscribed. At the time of writing this story, the subscription under the Qualified Institutional Buyers or QIBs category stood at 126 per cent, while the subscription for the Non Institutional Investors or NIIs quota was at 326 per cent. As expected, retail participation in the FPO remained tepid, while the quota for employees saw a little over 50 per cent subscription. Remember, the Adani Group had ruled out changes to the date and the price of the FPO, despite the sell-off in Adani Enterprises shares after a report by the US based short-seller Hindenburg Research. Today, the stock closed almost 2.5 per cent higher, closing in the green for the second consecutive session.

adani enterprises

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