Home Business Companies Adani Group stocks slumps on BJP's Swamy remarks

Adani Group stocks slumps on BJP’s Swamy remarks

Shares of Adani Transmission fell 7.72 per cent to close at Rs 179.85 on the BSE. Besides, Adani Enterprises plunged 7.24 per cent to settle at Rs 172.40.

The State Department of Environment and Science said in a statement that it has approved the most recent version of the plan, which Adani submitted just a day ago. (Reuters)

Shares of Adani Group companies Wednesday plunged by up to eight per cent, wiping out over Rs 9,000 crore in market value after BJP MP Subramanian Swamy called Gautam Adani the “biggest NPA trapeze artiste in PSUs.” Shares of Adani Transmission fell 7.72 per cent to close at Rs 179.85 on the BSE. Besides, Adani Enterprises plunged 7.24 per cent to settle at Rs 172.40.

In addition, scrip of Adani Ports & SEZ tanked by 6.53 per cent to settle the day at Rs 377.45, while Adani Power declined 6.6 per cent to close at Rs 27.60. Following the decline at the counters, the market capitalisation of the companies eroded by more than Rs 9,300 crore collectively. In a tweet yesterday, Swamy said: “The biggest NPA trapeze artiste in PSUs is Gautam Adani. It is time he is made accountable or a PIL (public interest litigation) is inevitable”.

“There are a number of things he is getting away with and nobody is questioning him. It may become an embarrassment for the government as he portrays himself as close to it,” he claimed.

Read: Adani ‘biggest NPA trapeze artiste’, says Subramanian Swamy

Reacting to Swamy’s comments, the Adani Group had issued a statement saying it has a history of implementing world-scale infrastructure projects within a short time and the lowest cost quartile.

“Capital intensive projects necessarily require debt capital,” it said.

“Given our rating track record, different sources of debt are available to the Group, ranging from international bonds, ECB loans, domestic bonds, loans from the private sector as well as public sector banks in India.

“The singular critical test for debt is its regular servicing-something which the Adani Group has implemented diligently, since its inception,” it had said.

📣 The Indian Express is now on Telegram. Click here to join our channel (@indianexpress) and stay updated with the latest headlines

For all the latest Business News, download Indian Express App.