Adani Group under pressure after CreditSights' report warns of ‘deep overleveraging'

24 Aug 2022 , 01:26 PM

Adani Group’s 6 out of 7 stocks were trading under pressure after CreditSights issued a report warning that Adani Group is deeply overleveraged.

The company’s major stocks were trading negative for the second consecutive day.

Adani Power slumped nearly 5% (-4.99%) so far in today’s trade at Rs390.40. Group’s heavy-weight, Adani Green, was trading about 3% (-3.09%) lower at Rs2,338.35 per share.

Further, Adani Group’s logistics arm Adani Ports lost about 1.50% (-1.48%) so far at Rs820.20 on NSE. While Adani Wilmar was trading ~3% (-2.91%) lower at Rs670 on NSE.

Adani Total Gas recorded a marginal decline of 0.50% and was trading at Rs3,416 per piece. Adani Enterprises dipped nearly 1% (-0.80%) so far at Rs3,006.50 apiece.

The only group company that maintained composure after the announcement is Adani Transmission. It recorded an upside of 2.20% at Rs3,681 per scrip.

Earlier on Monday, the Fitch Group-owned financial services firm CreditSights issued a basic analysis of billionaire Gautam Adani’s group, calling it “deeply overleveraged.”

According to the study, “the Adani Group is progressively pushing into new and/or unrelated sectors, which are very capital demanding and raise worries about spreading execution monitoring too thin.”