New Delhi: Amid the withdrawal of Adani Groups’ fully subscribed Follow-on Public Offer (FPO) after the alleged allegations leveled by the Hindenburg research, the opposition on Thursday demanded a probe by the Joint Parliamentary Committee (JPC) or investigation by a team under the supervision of the Chief Justice of India (CJI).
Hindenburg, in its report, raised concerns about shares of Adani group companies having a possibility of declining from their current levels, owing to high valuations.
In response, Adani Group said the recent report by Hindenburg Research was not an attack on any specific company but a “calculated attack” on India, its growth story, and ambitions.
Top Updates:
- The Reserve Bank of India (RBI) has reportedly sought a detailed report from banks about the exposure to Adani groups shares amid the recent fall in the share prices.
- The report added that RBI has sought detailed information on details of collateral being used to back loans and indirect exposure to the banks.
- Opposition continued to create ruckus in both the Houses of Parliament leading to adjournment for the day.
- After declining to go ahead with fully subscribed FPO, Adani Enterprises Ltd chairman Gautam Adani said it would not be “morally correct” to go ahead with the Rs 20,000-crore share.
- He added that “For me, the interest of my investors is paramount and everything is secondary. Hence to insulate the investors from potential losses we have withdrawn the FPO,”.
- According to reports, earlier, the Credit Suisse Group, Citigroup have stopped accepting securities of Adani shares as a collateral for margin loans.
- Punjab National Bank (PNB) opened up about the exposure to the Adani Group, i.e. Rs 7,000 crore, and claimed that it is backed by adequate cash flow and has no worry in repayment at present.
- PNB managing director Atul Kumar Goel said “Total exposure include investment of Rs 42 crore and remaining credit,”.