Adani Group shares trade mixed; 3 counters hit 5% lower circuit

Adani shares were trading mixed in the early trade on Wednesday, with the majority of the counters in green after the group issued a clarification on 'The Ken' report calling its claims "baseless and deliberately mischievous”.

The report alleged that the group had not completed the repayment of $2.15 billion in share-backed debt.

The conglomerate said in a statement to exchanges late Tuesday it has completed 'full prepayment' of margin-linked share-backed financing aggregating to $2.15 billion. It also said all shares pledged for such loans have been released.

Adani Enterprises and Adani Ports, part of the flagship Nifty50 index, were the top gainers in the pack. Adani Enterprises traded at Rs 1,618, up 1.09% while Adani Ports rose 1.5% to Rs 602.25.

Ambuja Cements shares were at Rs 360.25, up 0.36%. ACC was up 1.37% at Rs 1,636 while Adani Power rose 1.5% to Rs 176.45. New Delhi Television (NDTV) was trading at Rs 175.50, up 0.89% from Tuesday's closing price.

On the other hand, Adani Green Energy, Adani Transmission and Adani Total Gas were locked in their respective 5% lower circuits.

Meanwhile, late on Tuesday, rating agency Fitch said that two Adani Group subsidiaries - Adani Transmission and Adani Ports - are exposed to heightened contagion risks as a result of governance weakness at the conglomerate's sponsor level. Fitch said that they are prone to risks which could affect financial flexibility.

Shares of Adani Group companies tumbled on Tuesday after an ET report said the conglomerate was seeking to renegotiate terms of outstanding loans worth $4 billion taken last year to buy cement firms ACC and Ambuja Cements.

The group's flagship firm Adani Enterprises slid nearly 8% to a near four-week low, while Adani Ports tumbled 9.2%.ACC had dropped 4.8% to its lowest since February 2021 and Ambuja Cement slipped 4.2%, a Reuters report said.

Since the Hindenburg report, Adani Group stocks have lost between 22% and 80%.