Adani Enterprises and Adani Ports among top Nifty50 losers after the group shelves FPO

Adani stocks: Shares of Adani group traded in red for the sixth session in a row after the firm backtracked from its plan to raise Rs 20,000-crore from Follow-on Public Offer (FPO) and announced it will return the proceeds to investors.

According to Bloomberg, the group has also lost support of Credit Suisse and Citigroup. As per the report, Credit Suisse has given a zero-lending value to Adani Ports, Adani Green and Adani Electricity. And close on the heels of Credit Suisse, CitiGroup has also reportedly nullified the lending value for the group. As of February 2, Citigroup's Wealth Unit has stopped giving margin loans on Adani Securities.

Zee Business Research analyst Kushal Gupta informed that Adani group has debt of Rs 1.9 lakh crore, of which Rs 55,000 crore loan (or, 29 per cent of the overall loan figure) is from International bond and Commercial papers; and Rs 70,000 and 80,000 crore is from domestic banks.

Adani Group shares have gone into tailspin since the release of a Hindenburg Research report which accused the conglomerate of fraud.
 
On NSE, Adani Ports and Adani Enterprise were among the top losers today. Individually, shares of Adani Ports closed at Rs 459.50 apiece — suffering a fall of 7.20 per cent, while Adani Enterprise closed 26.70 per cent lower at Rs 1,565.30 per share.

Meanwhile, Adani Green Energy tumbled 10 per cent and closed at Rs 1,039.85 per share, Adani Transmission Ltd closed at Rs 1,551.15 — a fall of 10 per cent, Adani power closed 4.98 per cent lower at 202.05 apiece, Adani Wilmar registered a fall of 5 per cent to close at Rs 421, and Adani Total Gas cracked 10 per cent to close at Rs 1,707.70 per share.

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