Some securities of the Indian conglomerate Adani group, starting with that of flagship Adani Enterprise, recovered today on the National Stock Exchange of India (NSE), which raised the daily trading limit to five percent for three of them. Also up were Adani Ports and Special Economic Zone, Adani Wilmar and Adani Transmission. Still down, however, Adani Green Energy, Adani Total Gas and Adani Power. Recovery, after eight loss-making sessions in which more than 110 billion dollars have been burned, followed yesterday's announcement by the group: the early repayment of loans due September 2024 for a total of 1,111 billion dollars, an initiative aimed at reassuring investors on financial solidity.
A statement explained that the decision was made "in light of recent market volatility" and in continuity with the commitment to "overall deleveraging". The listed companies involved are Adani Ports & Special Economic Zone with 168,27 million shares (equal to 12 per cent of the stake), Adani Green Energy Limited with 27,56 million shares (three per cent) and Adani Transmission Limited with 11,77 .1,4 million shares (24 percent). The group was embroiled in the stock crash following the January XNUMX release of a report by Hindenburg Research exposing "brazen stock market manipulation and accounting fraud" by Adani Enterprises. President Gautam Adani, who has also seen his personal assets decrease, has ensured that the group's balance sheet is healthy.
The Indian parliament, meanwhile, is in session and the opposition has called for a discussion on the Adani case. The request sparked controversy in both chambers and the suspension of today's session. The opposition is asking for clarifications, in particular, on the investments in Adani by Life Insurance Corporation of India (LIC), State Bank of India (SBI) and other public companies. In this regard, last week the Finance Minister, Nirmala Sitharaman, declared in an interview with "News18", that the Indian financial market is "very well regulated" and that the exposure of Lic and Sbi in Adani is within the limits permitted by current legislation. The Reserve Bank of India (RBI), the central bank, also issued a statement to ensure that supervision is constant and that the banking sector is "resilient and stable".
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