Adani Enterprises shares plunge 7%, six Adani group stocks hit lower circuit limits. Here's why

Shares of Adani group flagship Adani Enterprises tanked 7 per cent while five other group stocks hit their 5 per cent lower circuit limits on Tuesday amid a report by The Ken that raised questions about whether the group actually repaid debts worth $2.15 billion.

The Adani group had, earlier this month, announced completion of the full prepayment of margin-linked share-backed financing, ahead of the committed timeline of March 31.

Following the media report, the group flagship Adani Enterprises plunged 7.08 per cent to Rs 1,601.25. Adani Ports & SEZ declined 5.11 per cent to Rs 596.95.

Adani Power, Adani Transmission, Adani Total Gas, Adani Green Energy, Adani Wilmar and NDTV were six group stocks that got locked at 5 per cent lower circuit limit each. ACC and Ambuja Cements, two Adani group cement stocks, fell 4.22 per cent and 2.91 per cent, respectively.

The Ken report suggested that the Adani Group only reduced the loan amount through a partial repayment to avoid pledging more shares and further action against it by lenders. It alleged that following the Adani group’s prepayment announcement, banks have only released the pledged shares of Adani Ports.

It claimed that the pledged shares of Adani Green Energy and Adani Transmission had not been released by the bank even a month after the loan repayment announcement.

“This is highly unusual as pledged shares are usually released immediately after the borrower settles their debts," the report suggested.

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