Adani Shares Trade Mixed After Supreme Court Defers Hearing In Adani-Hindenburg Case

The share price of Adani Group stocks traded mixed on Friday as the Supreme Court deferred the hearing in the Adani-Hindenburg case by another 10 days. The apex court is expected to take up the matter on October 30, 2023, Monday.

The Supreme Court was scheduled to take up Sebi's investigation report in the Adani-Hindenburg row today. The US-based short seller accused the Gautam Adani-led conglomerate of financial misinterpretation and manipulation.
On January 24, 2023, the US Short Seller Hindenburg research leveled charges of "brazen stock manipulation and accounting fraud schemes" against the Adani group.

Today, the share price of Adani Enterprises was down 0.58% at Rs 2388 per share is 1:38 pm IST. The share price of Adani Energy Solutions was spotted trading 0.70% higher at Rs 764.40 at 2:03 pm IST, while Adani Green Energy shares were up 0.02% at Rs 933.00 at 2:02 pm IST.

In September, a plea was filed concerning the Adani-Hindenburg row, wherein it was accused that Sebi was hiding important facts from the Supreme Court and hiding the Directorate of Revenue Intelligence's (DRI) letter on alleged stock price manipulation by the Adani group firms.

Notably, another reason why Adani group stocks remained on investors' radar was a media report which highlighted that the Gautam Adani-led Indian conglomerate is looking to ink a definitive agreement on refinancing its $3.5 billion loans concerning the acquisition of ACC Ltd and Ambuja Cements Ltd.

According to a report by the Economic Times (ET) at least 18 global banks have agreed to join the consortium led by Barclays, Deutsche Bank, and Standard Chartered among others, for refinancing the debt that helped fund the biggest merger & acquisition (M&A) in India's building-materials industry.

The report said that the loan agreement, was anticipated to be signed late Thursday night and the promoter Adani family, in accordance with the part of new terms, was supposed to prepay nearly $300 million debt. As per the ET report, this would be the biggest refinancing exercise across Asia Pacific this financial year.

The new three-year facility from the 18-bank consortium is expected to simplify debt structure, improve credit rating, and support Adani group's cement sector growth plans.

Meanwhile, a separate report by Bloomberg indicated that the deal could be finalized this week. The support shown by 18 global banks to refinance this Adani Group's debt is seen as the latest sign of confidence among creditors in the Indian conglomerate.