Adani Enterprises, Adani Green, Adani Power: Adani group shares in focus post loan clarification, ahead of SC verdict

Adani group stocks, most of which saw recovery in the last two days, are back in focus on Thursday after the group called reports of it securing a fresh $3 billion loan from unnamed sovereign funds as baseless speculation, totally false and untrue. The stocks are also in focus ahead of Supreme Court order on a batch of PILs seeking a probe into fraud allegations against the Adani Group by US-based short-seller Hindenburg Research.

The combined market value of Adani group companies, which  included Adani Enterprises, Adani Green Energy Ltd, Adani Power Ltd , Adani Total Gas Ltd and six others, has seen steep erosion even since Hindenburg Research came out with its scathing report, alleging accounting fraud and stock manipulations at Adani group firms.

At Wednesday's close, the group m-cap stood at around Rs 7.6 lakh crore compared with Rs 19.20 lakh crore as of January 24. Adani group's Gautam Adani was last worth $43.1 billion, as per Bloomberg Billionaire index after seeing an erosion of $77.3 billion or 64.3 per cent so far this year.

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There are many rumours in the market regarding Adani's group prepaying loans. A Reuters report this week suggested the Gautam Adani-led group was planning to prepay or repay share-backed loans worth $690 million to $790 million by March-end. The plan, Reuters said, comes even as the group holds a fixed-income roadshow this week in Singapore and Hong Kong to shore up investor confidence amid share price falls and a regulatory probe.

Later a report by ET suggested the Adani Group has received firm commitment for $800 million debt facility, which will be used to refinance the Adani Green Energy's $750 million 4.375 per cent bond due in September 2024. The report suggested the debt facility can finalise the term sheet in next five days. The two reports lifted investor sentiment.

Later a Reuters report came, suggesting India's Adani Group has told creditors it has secured $3 billion loan from a sovereign wealth fund. While Adani Enterprises is yet to reply to clarification sought by stock exchanges regarding the same, reports suggest the group has denied the report.

Meanwhile, the SC is likely to deliver its verdict over the setting up of a panel of domain experts for strengthening existing regulatory measures for stock markets.

During the hearing, the apex court had expressed concerns about protecting the Indian investors and sought views from market regulator Sebi and the Centre. The court also suggested that a panel of experts could be formed to look into the framework to protect the investors. The Centre agreed to it and submitted the names of experts in a sealed cover.

The SC, however, refused to accept the Centre's suggestion in the sealed cover and said it wanted full transparency for the protection of investors. The top court also ruled out the possibility of any sitting judge overseeing the functioning of the proposed panel.

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