Adani stocks tumble up to 7% on Swamy's remarks
ETMarkets.com|
Mar 07, 2018, 10.44 AM IST
NEW DELHI: Adani group stocks tumbled up to 7 per cent on Wednesday after BJP MP Subramanian Swamy called Gautam Adani the "biggest NPA trapeze artiste in PSUs".
"It is time he is made accountable or a Public Interest Litigation (PIL) is inevitable," Swamy tweeted.
Stock of Adani Transmission plunged 7.38 per cent to Rs 180.50. A press release by the group stated that the transmission and port businesses have been rated ‘investment grade' by international credit rating agencies.
"Also, almost all of our companies enjoy a high credit rating from domestic rating agencies. This is a testimony to the extremely high discipline followed by the group, in meeting with its debt obligations diligently and on an on-going basis," the statement read.
Adani Enterprises plunged 5.29 per cent while Adani Power tanked 4.06 per cent. Adani Ports & SEZ declined 3.41 per cent.
According to the statement, the group’s dependence on PSU banks for long-term borrowing is less than 50 per cent at about Rs 34,000 crore, which are regularly serviced.
"The Adani group has created world-class assets and aggregate net asset block of Indian operations stands at over Rs 1,10,000 crore. Aggregate net worth of the listed entities stands at over Rs 40,000 crore and aggregate Ebitda stands at Rs 24,000 crore," the statement read.
Given our rating track record, different sources of debt are available to the group, ranging from international bonds, ECB loans, domestic bonds, loans from private sector as well as public sector banks in India, it said.
The biggest NPA trapeze artiste in PSUs is Gautam Adani. It is time he is made accountable or a PIL is inevitable
— Subramanian Swamy (@Swamy39) March 6, 2018
"It is time he is made accountable or a Public Interest Litigation (PIL) is inevitable," Swamy tweeted.
Stock of Adani Transmission plunged 7.38 per cent to Rs 180.50. A press release by the group stated that the transmission and port businesses have been rated ‘investment grade' by international credit rating agencies.
"Also, almost all of our companies enjoy a high credit rating from domestic rating agencies. This is a testimony to the extremely high discipline followed by the group, in meeting with its debt obligations diligently and on an on-going basis," the statement read.
Adani Enterprises plunged 5.29 per cent while Adani Power tanked 4.06 per cent. Adani Ports & SEZ declined 3.41 per cent.
According to the statement, the group’s dependence on PSU banks for long-term borrowing is less than 50 per cent at about Rs 34,000 crore, which are regularly serviced.
"The Adani group has created world-class assets and aggregate net asset block of Indian operations stands at over Rs 1,10,000 crore. Aggregate net worth of the listed entities stands at over Rs 40,000 crore and aggregate Ebitda stands at Rs 24,000 crore," the statement read.
Given our rating track record, different sources of debt are available to the group, ranging from international bonds, ECB loans, domestic bonds, loans from private sector as well as public sector banks in India, it said.
