A sharp rebound in Adani Enterprises left investors head scratching in Friday’s trade. Shares Adani Enterprises, which hit a 52-week low of Rs 1,017.10 earlier today, recovered 65 per cent to hit a high of Rs 1,678.90. The stock, along with a few other Adani group stocks recovered, as Fitch Ratings said there was no immediate impact on the Fitch-rated Adani entities and their securities, and that it expects no material changes to its forecast cash flow.
Adani Enterprises later closed the day at Rs 1,584.20, up 1.25 per cent.┬а┬а
The Fitch clarification came after the damning Hindenburg Research report that alleged the Adani Group of accounting fraud stock manipulation and serious malpractices.
Adani Ports, which hit a 52-week low of Rs 394.95, closed the day at Rs 498.85, up 7.98 per cent. The scrip was up over 6 per cent for the day. Adani Power was locked at its lower circuit limit of Rs 192.05 and so was Adani Transmission, which hit its 10 per cent lower circuit limit earlier today. Adani Green was down 10 per cent at Rs 934.25, again because of lower circuit it hit earlier. Ambuja Cements rose 2.96 per cent to Rs 362.90. Adani Total Gas was down 5 per cent at Rs 1,625.95. ┬а┬а
тАЬThere are also no near-term significant offshore bond maturities тАУ earliest in June 2024 for Adani Ports and Special Economic Zone Limited (APSEZ, BBB-/Stable); December 2024 for Adani Green Energy Limited Restricted Group 1 (AGEL RG1, BB+/Stable); and 2026 or beyond for all other entities тАУ reducing refinancing risks and near-term liquidity risks,тАЭ it said.
┬а
The ratings agency said that its ongoing monitoring will closely look at major changes to the rated entitiesтАЩ access to financing or cost financing on a long-term basis, unfavourable regulatory/legal developments or ESG-related matters.
Also read:┬аAdani Enterprises shares hit 15% lower circuit on Dow exclusion, other Adani group stocks bleed
Also read:┬аAdani Enterprises shares slip 76% from all-time high; Rs 3 lakh crore mcap lost┬а
