A sharp 35% fall in shares of Adani Group

Mr Gautam Adani, Founder and Chairman of the Adani Group

New Delhi – Adani Group shares fell sharply after the Hindenburg research’s report. The report made an allegation of malpractices by the Group. Subsequently, its effect was seen on the share market. On the morning of the 3^rd of February, a slide of 35% was seen in the share price. The share value of Rs 3,500 dropped down to Rs 1,000. In the past 9 days, the shares of the group have seen a fall of 70%. Resulting in America’s Dow Jones Stock exchange removing Adani Enterprises from its list.

Given the unprecedented situation and the current market volatility, Adani Enterprises has cancelled its Rs 20,000 crore follow-on-offer (FPO) https://t.co/JTlON36wma

— Business Standard (@bsindia) February 2, 2023

Adani Group is repaying its debt (loan) -State Bank of India

The State Bank of India has till now sanctioned a loan of Rs 21,000 crores to the Adani Group. The Bank’s Chairman Dinesh Kumar Khara said that the group was repaying its loan. There is no need to be apprehensive about the loan given to the group.

Bangladesh’s demand for an improvement in its energy project’s contract with the Adani Group !

Bangladesh Government has asked the Adani Group for improvement in the agreement about the energy project. The Adani Groups electricity rate is very high and the Bangladesh Government has asked for a reduction in it.

Ruckus in the Lok Sabha for the second day over the Hindenburg report

The opposition created a ruckus over the Hindenburg report in the Lok Sabha on 3^rd  February too. They demanded an inquiry on the basis of this report’s allegation about the Adani Group. The ruckus created on this issue on the 2^nd of February caused the working of the Lok Sabha to be adjourned. On 3^rd February the Lok Sabha had to be adjourned till 2 p.m.