Adani stocks crash on fear banks hold collateral
Mint Mumbai|March 29, 2023
Adani group stocks plunged the most by value in 23 sessions after a report in The Ken cited regulatory filings to show that banks have not released a significant portion of promoter shares held as collateral. This means the group’s debt hasn’t been fully paid off, against its claims of repaying $2.15 billion in share-backed debt.
Ram Sahgal
Adani stocks crash on fear banks hold collateral
 

Group flagship Adani Enterprises Ltd informed exchanges that NSE had sought a “clarification" from it with respect to the report. The company’s response to Mint’s queries was pending until press time, but group CFO Jugeshinder Robbie Singh reacted to the Ken report on Twitter. “Deliberate misrepresentation (and if i speculate out right lies) of @TheKenWeb(@SudzzBTS and @nimishshp) they know that relevant exchanges will update end of quarter. The deliberate subterfuge will be clear to all once exchanges update the data post end of quarter," he tweeted.

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