In Thursday’s trade, shares of at least five Adani group firms reached their 5% upper circuit restrictions, as a report stated that Gautam Adani and his family prepaid all borrowings backed by Adani group shares. According to the source, senior executives informed investors about the situation during a conference in London.
In-depth details on Adani Power, Adani Green, Adani Wilmar, and two additional Adani group shares have exceeded the 5% upper circuit limit
Adani Power shares reached a 5% upper circuit limit of Rs 196.05. Adani Transmission reached its 5% upper circuit limit of Rs 860.85. Adani Green Energy increased 5% to Rs 650.55. Adani Total Gas increased 5% to Rs 904.95. Adani Wilmar increased 5% to Rs 484.20.
Adani Ports was trading at Rs 712.80 per share. Adani Enterprises down 0.41 percent to Rs 2,031.35. The NSE said on Wednesday that Adani Enterprises and two other Adani group companies, Adani Wilmar and Adani Power, will be subject to short-term enhanced surveillance measures beginning March 9. Also, the NSE added two Adani Group equities, Adani Green Energy and NDTV, to the framework of long-term extra surveillance measures.
Ambuja Cements closed unchanged at Rs 391.90. ACC dropped 0.20 percent to Rs 1,883.80, while NDTV rose 3.55 percent to Rs 251. Net-net, the group’s market capitalization increased to Rs 9,36,615 crore as of Thursday’s transaction. On Wednesday, it surpassed the Rs 9 lakh crore barrier.
According to Bloomberg, the latest update on prepayment came after the struggling company returned a $500 bridge loan that was due on Thursday. On Tuesday, the funds were released to the creditors. According to media sources, the loan was used to purchase controlling shares in cement producers ACC and Ambuja Cements, and it was underwritten by Barclays, Deutsche Bank, and Standard Chartered.
Gautam Adani, the group’s founder, was last assessed at $54 billion by the Bloomberg Billionaire index. On February 27, his personal worth fell to $37.70 billion due to a continuous selloff in his group shares such as Adani Total Gas, Adani Transmission Ltd, Adani Green Energy Ltd, and Adani Enterprises Ltd, before recovering slightly.
Yet, the millionaire has lost 55.2 percent, or $66.50 billion, thus far in 2023. In September 2022, Adani was the world’s second richest person.