Adani Stocks
Adani Enterprises shares jump 25 pc after loan prepayment announcement
Mumbai/IBNS: Share prices of Adani Enterprises jumped as much as 25 percent on Tuesday after the firm announced to prepay more than $1 billion in loans, media reports said.
After a report by US short-seller Hindenburg Research accused the Adani Group of Gautam Adani-led ports-to-power conglomerate of accounting fraud and stock manipulation, the stocks of the listed lost around $120 billion.
Today’s rise in share prices helped the conglomerate to make up some of its losses, Bloomberg reported.
The rout in Adani shares has raised concerns over its ability to pay back loans. But Adani said Monday it was repaying early loans worth $1.1 billion, in a move meant to reassure investors.
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