American short Hindenburg Research (Hindenburg research) since the Adani Group report (Adani group) stocks slide fast. Although the Adani Group owns the cement companies ACC (Acc) and Ambuja cements (Ambuja cements) shares are up today. This is because Adani Group has issued a statement that Ambuja Cements and ACC shares have not been pledged by the promoters. Ambuja Cements shares rose over 6 per cent on the BSE to Rs.367 (Ambuja Cements share price) reached the value of . At the same time, ACC’s shares also rose more than 7 per cent to Rs.1988.ACC stock price) reached.
Why the Adani Group needed to clarify
Some reports have alleged that Adani Group has pledged shares in Ambuja Cements and ACC to raise capital for the takeover. In addition, it must also meet charging triggers. Because of this, the shares of both companies fell. However, the Adani Group has clarified today that Ambuja’s and ACC’s shares have not been pledged by the promoters. No charging triggers are required either.
How much money from banks in Adani group companies after SEBI, RBI also opened investigation
In September 2022, the group pledged its entire 63.2 percent stake in Ambuja Cements and its entire 56.7 percent stake in ACC to Deutsche Bank’s Hong Kong branch after the acquisition of Holcim was completed. Its value was around Rs 96800 crore. However, as of December, none of the promoter’s shares are pledged.
Hindenburg Impact: The value of Adani Group’s securities is zero, a loan will no longer be available for their guarantee from Citigroup
Selling pressure according to Hindenburg Research Report
Hindenburg Research has accused the Adani Group of stock manipulation and accounting fraud. Because of this, there is ongoing selling pressure on the shares of Adani Group companies. For this reason Adani Enterprises (Adani company)s Rs 20,000 crore follow-up public offer (FPO) also had to be withdrawn. However, the group’s chairman, Gautam Adani, has assured that it will remain focused on long-term value creation. According to Adani, the group’s EBITDA levels and cash flows are very strong and the company’s debt track record is excellent.
