Adani Group loses Rs 9,000 crore in market value after Subramanian Swamy's tweet


Mumbai, Mar 7 (IANS): A day after senior BJP leader Subramanian Swamy's remark on Gautam Adani's alleged PSU bank debt, shares of Adani Group companies tumbled over seven per cent on the domestic bourses on Wednesday, wiping-off Rs 9,761.3 crore in market capitalisation (m-cap).

BJP MP Swamy on Tuesday dropped a bombshell on industrialist Gautam Adani, calling him the "biggest NPA trapeze artiste in PSUs".

During Wednesday's trade session, Adani Enterprises' stocks plunged by 7.24 per cent to Rs 172.40, while those of Adani Ports (and special economic zone) slipped by 6.53 per cent to Rs 377.45 per share. In addition, scrips of Adani Power and Adani Transmission declined by 6.60 per cent and 7.67 per cent, respectively.

"Adani group stocks extended its fall after BJP MP Subramanian Swamy on Tuesday called industrialist Gautam Adani the "biggest NPA (non-performing asset) trapeze artiste in PSUs," said Dhruv Desai, Director and Chief Operating Officer of Tradebulls.

In a widely commented and shared tweet, Swamy on Tuesday said Adani -- believed to be close to Prime Minister Narendra Modi -- should be made accountable or he (Swamy) would file a Public Interest Litigation (PIL) in the court for recovery of bank loans from him.

However, the same day, the Adani group clarified that it had diligently and regularly serviced all its debt, saying: "The singular critical test for debt is its regular servicing -- something which the Adani Group has implemented diligently, since its inception."

In a statement, the company clarified that the group's dependence on public sector banks for long-term borrowings was less than 50 per cent at about Rs 34,000 crore, and it was regularly serviced.

  

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Comment on this article

  • Ronald D, Udupi

    Thu, Mar 08 2018

    Among Biggie lot Rathan Tata and very few more are honest, disciplines and patriotic businessman man of India!

    DisAgree Agree [3] Reply Report Abuse

  • Antonio DSilva, Kuwait

    Thu, Mar 08 2018

    Yes, if there were just 9 more Ratan Tatas India would have been a corruption free place on this planet.

    DisAgree Agree Reply Report Abuse

  • Dylan, Mangalore

    Thu, Mar 08 2018

    Subramanian Swamy no work just poking his nose in unwanted matters. Being a politician he has not done anything good to the general public. Adani may not have paid him Hafta.

    DisAgree [5] Agree [10] Reply Report Abuse

  • Antonio DSilva, Kuwait

    Thu, Mar 08 2018

    I wonder which bank will be hit now, or is it banks?????????

    DisAgree Agree [13] Reply Report Abuse

  • Poor guy, Blore

    Thu, Mar 08 2018

    Adani can afford to take daily bubble bath in Jacuzzi with gold petals and rose petals imported from Amsterdam

    DisAgree [2] Agree [12] Reply Report Abuse

  • flavian dsouza, BENGALURU

    Thu, Mar 08 2018

    Adani has been nurtured to take care of the interest of few politicinas from Gujarat ..
    This company is used to divert all govt funds and use them for politics ...there is not real business in the adani group !!!

    DisAgree Agree [22] Reply Report Abuse

  • Santan Mascarenhas, Kinnigoli/Mumbai

    Thu, Mar 08 2018

    The Supreme Court ruling in December 2015 made it mandatory for all banks to reveal the names of the defaulters. So far, those banks have been hesitant, to say the least. The Reserve Bank of India hasn’t released the names of individual defaulters either.

    Following is the report from Credit Suisse on Adani Group:

    "Founded by Gautam Adani, the company does business in logistics, agribusiness and energy sectors, among other things. The founder is known to be close to Prime Minister Narendra Modi, probably due to their shared origins in Gujarat. His company has defaulted on Rs 96,031 crore of the banks’ money."

    DisAgree Agree [21] Reply Report Abuse

  • Truth teller, Karnataka

    Thu, Mar 08 2018

    I had commented that time when this Swamy joined BJP that 'BJP should not expect to keep a venomous snake as pet and expect it to bite others'!. Swamy has proved it!!!

    DisAgree [3] Agree [13] Reply Report Abuse

  • Jenifer, Mangalore

    Thu, Mar 08 2018

    "the company clarified that the group's dependence on public sector banks for long-term borrowings "

    Meaning, Subbu is right, irrespective of the figure. Adani did enjoy the riches at the behest of Modi and someday can fly away like Nirav Modi did.

    If Subbu wasn't right, Adani's legal expert would have marched to the courts in no time with a defamation suit.

    DisAgree Agree [21] Reply Report Abuse

  • Declan, Mumbai

    Thu, Mar 08 2018

    We have maintained that the Modi Government acts on corruption charges only on political opponents and not on his own supporters. When it is his own the action is soft and just tokenism. This is the hallmark of a corrupt rule leader.
    Day is not far when Subbu Swamy will attack PM Modi and Amit Shah too. Then Modi bhakts will label Subbu Swamy also as anti national along with the likes of Yashwant Sinha, Arun Shourie etc.

    DisAgree [1] Agree [19] Reply Report Abuse

  • Krishna Dasa, Udupi,.

    Thu, Mar 08 2018

    Modi must place a catpet ban on foreign travel on all Large borrowers of Government Banks in the grater interst of the people of the Country

    DisAgree Agree [17] Reply Report Abuse

  • Mark Dcruz, Mangalore

    Thu, Mar 08 2018

    After Adani next in line Is Ramdev, ambani is strong enough.

    DisAgree [1] Agree [25] Reply Report Abuse

  • Mangalurian, Mangaluru

    Thu, Mar 08 2018

    So the aeroplanes that Adaani provided to Narendra Bhai before the 2014 elections were assets built on bank loans which for the banks now are NPA!

    Is it true that Adani is also not an Indian citizen?

    DisAgree Agree [19] Reply Report Abuse

  • vijay, uae

    Thu, Mar 08 2018

    if swamy gets his share . he will praise adani.

    DisAgree [2] Agree [9] Reply Report Abuse

  • SMR, karkala

    Thu, Mar 08 2018

    Rajya Sabha MP Subramanian Swamy know every secret of BJP's inside story. If he opens mouth even PM Modi's government may crumble. But Rashtriya Swayamsevak Sangh don't want Swami to speak against but target Congress top leadership.
    If open his mouth on Pandit Deen Dayal Upadhyaya mysterious death Mughalsarai railway station even former PM Vajpayee days may numbered.
    Ironically, Adani controls BJP and India in return for party donations which India has seen buying opposition through 'operation Kamala' and overthrowing elected government.
    But Swamy is smart economist than lawyer turned politician Mr.Jaitley. Unfortunately he became toy in the hands of RSS political wing BJP.
    Jai Hind

    DisAgree [1] Agree [15] Reply Report Abuse

  • alan, Mangalore/U.S.A

    Wed, Mar 07 2018

    poor Feku, B.J.P.'s Party funds have taken a nosedive. Its just a matter of time before the most trusted partner of feku, declares his company as a N.P.A

    DisAgree Agree [12] Reply Report Abuse

  • Jossey Saldanha, Mumbai

    Wed, Mar 07 2018

    I have always said Ambani, Adani & Ramdev are a Bubble ...

    DisAgree [9] Agree [91] Reply Report Abuse

  • Rajesh, Mulki

    Thu, Mar 08 2018

    Big bubbles indeed.Loans regularly serviced or restructured???

    DisAgree Agree [14] Reply Report Abuse


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Title: Adani Group loses Rs 9,000 crore in market value after Subramanian Swamy's tweet



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