Watch | Business Matters | How have Adani Group’s stocks behaved over the last month?

How have Adani Group’s stocks behaved over the last month?

Since January 24 when Hindenburg Research released a report alleging that the Adani Group had indulged in stock manipulation and other misdemeanours, much water has flowed under the bridge. Typically, under such circumstances, companies find that raising funds is no more smooth sailing, as a result of which both growth targets and plans for capital expenditure will come under pressure. 

Sure enough, the Adani Group has cut its growth estimates from 40% to 15-20% for the coming year, according to a Bloomberg report, which added that the group had also deferred its capital expenditure plans to help conserve cash. 

In an earlier episode of Business Matters, we cited Adani Group CFO Jugeshinder Singh saying if Adani Enterprises’ ₹20,000-crore follow-on public offer (FPO) did not go through, then the group would indeed defer its growth and expansion plans by 6-9 months.

Though the FPO was fully subscribed thanks to institutional investors, the group had called off the offer, explaining that it was doing this in the ‘interests of the investing community. 

Let’s see how else the Adani Group has reacted by way of corporate action and what other events have unfolded since Jan 24. 

Script and presentation: K Bharat Kumar

Stock data collation: Parv Shah

Videography: Johan Sathyadas J

Production: Shibu Narayan