Stock Market Today LIVE: SBI's Total Exposure To Adani Group Is 0.9%
Dalal Street Alert Live Updates: The severe crash in Adani Group stocks has a ripple effect on the domestic stock market as it remains highly volatile.
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Background
Dalal Street On Alert: Sensex climbs 481.94 points to 60,414.18 in early trade while Nifty 118.05 points to 17,728 in the opening market session on Friday. Adani group stocks, where LIC is heavily invested, have lost over USD 100 billion in value since a tiny New York short seller came out with a damning report alleging financial and accounting fraud by the ports-to-energy conglomerate. The Adani group has denied all charges and called the report malicious and full of lies.
Shares of Adani Group firms continued to remain weak for the seventh day running on Friday amid a host of negative events surrounding the companies. The stock of Adani Enterprises tumbled 20 per cent to Rs 1,173.55 -- one-year low -- on the BSE. Shares of Adani Ports tanked 10 per cent, Adani Transmission (10 per cent), Adani Green Energy (10 per cent), Adani Power (5 per cent), Adani Total Gas (5 per cent), Adani Wilmar (4.99 per cent), NDTV (4.98 per cent), ACC (4.24 per cent) and Ambuja Cements (3 per cent).
Many of the group firms hit their lower circuit limits during the morning trade.
Adani Group stocks have taken a beating on the bourses after US-based Hindenburg Research made a litany of allegations in a report, including fraudulent transactions and share price manipulation at the Gautam Adani-led group.
Adani Group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements.
"The Board of Adani Enterprises Ltd., (AEL) decided not to go ahead with the fully subscribed FPO. Given the unprecedented situation and the current market volatility, the company aims to protect the interest of its investing community by returning the FPO proceeds and withdraws the completed transaction," the company said in a statement on Wednesday.
Adani Enterprises, the flagship company of Adani Group, had a lacklustre start to its FPO, with only a 1 per cent subscription on the first day of the share sale. The offer was opened for public subscription from January 27-31.
Stock Market Today LIVE: SBI's Total Exposure To Adani Group Is 0.9%
SBI's total exposure to Adani Group is 0.9 per cent of the overall loan book, says chairman Dinesh Khara, reported PTI.
Stock Market Today LIVE: SBI Reports 62% Growth In December Quarter
State Bank of India (SBI) reports 62 per cent growth in December quarter consolidated net profit at Rs 15,477 crore.
Stock Market Today LIVE: Markets At Close
Sensex rises for 5th straight session and ends 910 points higher, Nifty above the 17,800 mark at the closing on Friday. Sensex closed at 60,841.88. Nifty gained 243.60 points to close at 17,854.
Stock Market Today LIVE: Adani Enterprises Makes Recovery From Worst Fall In History
Adani Enterprises' stock witnessed a 35% drop in early trading today but bounced back as credit rating agencies express confidence in the company's debt repayment abilities.
Stock Market Today LIVE: Moody's Assessing Financial Flexibility Of Adani Group
Moody's Investors Service on Friday said it is assessing the overall financial flexibility, including liquidity position, of Adani Group firms given a significant and rapid decline in stock value post-release of the Hindenburg Research report.
"These adverse developments are likely to reduce the group's ability to raise capital to fund committed Capex or refinance maturing debt over the next 1-2 years," Moody's said.
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