Adani stocks see block deals after group denies reports of $3-bn loan; all eyes on SC order

A day after Adani Group denied reports of $3-billion loan from a sovereign wealth fund, its shares saw heavy interest in the block deal window.

About 3.9 crore shares, amounting to 3.5 percent equity of Adani Enterprises, changed hands on March 2. The deal was worth Rs 5,520 crore. Additionally, Adani Ports, Adani Transmission and Adani Green Energy saw block deals of 4.1 percent, 2.5 percent and 3.5 percent stake, respectively.

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Following this, Adani Green and Adani Transmission shares opened in the green and hit the 5 percent upper circuit in early trade. Adani Enterprises started trading deep in the red but quickly bounced from the opening lows of Rs 1,459.

At 10:30 am, the stock was quoting at Rs 1,606 apiece on the NSE, higher by 2.5 percent from the previous close.

On March 1, the group denied having secured any $3 billion loan from a Middle East-based sovereign wealth fund, as claimed by a Reuters report. It told Bloomberg, “This is totally false and untrue.”

In another development development, the Supreme Court will deliver its verdict on the Adani-Hindenburg case after having heard a batch of four petitions.

It is expected that the court will appoint a committee to strengthen the existing regulatory mechanism, which would protect investors from market volatility. The committee members will also be nominated by the court, and its scope of functioning will be drawn up.

On January 24, Hindenburg Research alleged the ports-to-power conglomerate of “stocks manipulation” and “accounting fraud”. Since then, the group has cumulatively lost over Rs 11 lakh crore in market capitalisation.

To ease concerns about its financial health and corporate governance, Adani group has been pre-paying loans to release pledged shares as well as conducting investor roadshows.