Adani Group tells stock exchanges to protect investor interest

Adani Group has urged the stock exchanges “to take appropriate actions against such agencies whose actions are prejudicial to the interests of the investors at large”. This was in response to a clarification sought by the BSE from Adani Enterprises on Tuesday, March 28, 2023, regarding the news article captioned "Adani stocks lose up to 8%; all 10 counters in red", which appeared in the economictimes.indiatimes.com.

Adani Group has attributed the Tuesday, March 28, 2023 fall in its stocks to 'The Ken' report captioned “The Adani Group wants you to believe it has repaid all its loans against promoters. Here’s why you should not”.

"The reasons for fall in Adani stocks could be attributed to the news report published by The Ken on its website during pre-market hours on March 28, 2023. The stock price of Adani Enterprises (“Company” or “AEL”) fell up to 7.35% with stocks of other listed Adani group companies," the company said.

The Adani Group, had on March 28 clarified and “refuted the false narrative on repayment of loans against shares published by The Ken," it said.

“Basis the clarification so issued by the Company, share price of AEL has gained to its original level (opening position) as of March 28, 2023. The Ken, also (at 3:30 p.m. today) released its update on the original news report published which now reads as “The Adani Group repaid its loans against promoters’ shares. But the disclosures don’t add up”, AEL said in its filing to the BSE.

Adani Enterprises was also advised by the NSE on March 29, 2023 “to take up the matter with the editor of the said newspaper/newswire since the news items published by The Ken were at variance with the factual position clarified by the Company”, the exchange filing said further.

“We would like to state that we have made and will continue to make disclosures in compliance with our obligations under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and our agreements with the stock exchanges,” the filing said.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)