Adani Power, Adani Green, Adani Wilmar, 2 other Adani group shares hit 5% upper circuit limits; here’s why

Shares of at least five Adani group companies hit their 5 per cent upper circuit limits in Thursday’s trade, as a report suggested that Gautam Adani and his family prepaid all borrowings backed by Adani group shares. As per the report, senior executives told investors about the same at a meeting in London.

Adani Power shares hit 5 per cent upper circuit limit at Rs 196.05. Adani Transmission hit its 5 per cent upper circuit limit at Rs 860.85. Adani Green Energy jumped 5 per cent to Rs 650.55. Adani Total Gas jumped 5 per cent to Rs 904.95. Adani Wilmar advanced 5 per cent to Rs 484.20.

Adani Ports was trading flat at Rs 712.80. Adani Enterprises edged 0.41 per cent lower to Rs 2,031.35. NSE on Wednesday announced Adani Enterprises and two other Adani group firms namely Adani Wilmar and Adani Power will be placed under short-term additional surveillance measures framework from March 9. Besides, NSE moved two Adani Group stocks Adani Green Energy and NDTV to long-term additional surveillance measures framework.

Ambuja Cements was flat at Rs 391.90. ACC fell 0.20 per cent to Rs 1,883.80 while NDTV advanced 3.55 per cent Rs 251. Net-net, the group m-cap rose to Rs 9,36,615 crore as of Thursday’s trade. It breached the Rs 9 lakh crore mark on Wednesday.

The fresh development on prepayment, as reported by Bloomberg, came after the embattled conglomerate repaid a $500 bridge loan that was due on Thursday. The money was released to the creditors on Tuesday. The loan was, as per media reports, taken to buy controlling stakes in cement companies ACC and Ambuja Cements, and was underwritten by Barclays, Deutsche Bank, and Standard Chartered.

Group founder Gautam Adani, 60, was last valued at $54 billion on the Bloomberg Billionaire index. His personal wealth hit a low of $37.70 billion on February 27 amid relentless selloff in his group shares such as Adani Total Gas, Adani Transmission Ltd, Adani Green Energy Ltd and Adani Enterprises Ltd, before recovering a bit.

That said, the billionaire still has lost 55.2 per cent or $66.50 billion notionally in 2023 so far. Adani was the second richest on this planet in September 2022.

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