Adani Enterprises, a component of the Nifty stock index, saw a sharp decline at the opening bell, following a seven-day streak of uninterrupted losses. However, the stock quickly recovered its losses and rallied 24.5 per cent from the opening price to reach a record high of Rs 1,373.30.
Adani Enterprises is going to see a 20 basis point drop in its weight in the MSCI GSCI as of tomorrow. This is due to a $102 million outflow caused by passive funds.
In an effort to reassure investors, Adani Group notified bondholders of its intention to pay down or prepay $690 million to $790 million of equity-backed loans by the end of March 2022.
Of the 10 stocks in the Adani group, 8 were trading in the green on Tuesday, with Adani Enterprises leading the way with a 19% jump to an all-time high of Rs 1,421.95. The stock saw a lot of trading volume. Other stocks that were in the green were Adani Enterprises and Adani Wilmar. Power and Green were also in the green, with gains of 3% and 13%, respectively. However, Adani Transmission and Total Gas were in the red, with 5% and 5% declines respectively. At the time of writing, the Sensex was down by 0.25% at 57,137.67.
In the meantime, Bloomberg reports, “Adani Group is not looking to restructure debt or raise fresh capital,” the company’s finance chief said on Wednesday at an investor roadshow to restore confidence in the Indian conglomerate’s crisis-stricken operations.
The chief executive spoke after the company said on Monday that it has enough cash to pay down debt maturing in the next three years, in addition to a $800 million loan.
