Trinamool Congress MP Mahua Moitra said instead of holding investors' worldwide roadshows, the Adani group should “come out with the truth”. Shares of Adani Group's seven listed companies have seen around $127 billion wiped away from their market valuation after Hindenburg Research's report alleged stock manipulation and improper use of tax havens, and flagged "substantial" debt levels, which the group has denied.
Amid the turmoil in the market, the Adani Group has reportedly been holding roadshows in Dubai, London and several cities in the US. The group had reportedly held roadshows in Singapore and Hong Kong too in February and earlier this month. The roadshows by the conglomerate aimed at reassuring investors that the conglomerate's finances are under control.
"Believe Adani has investor roadshow over next few days. The only ask from Adani group is transparency:
On ownership
On related party deals
On govt interactions
On total debt and liquidity
Having global private roadshows for investors is pointless. Just come out with the truth," Moitra tweeted.
Bloomberg News, meanwhile, reported that billionaire Gautam Adani and his family have prepaid all borrowings backed by his Adani Group's shares. Senior executives told this to investors at a meeting in London.
{{/usCountry}}Bloomberg News, meanwhile, reported that billionaire Gautam Adani and his family have prepaid all borrowings backed by his Adani Group's shares. Senior executives told this to investors at a meeting in London.
{{/usCountry}}Another Bloomberg report earlier in the day said the Adani group has repaid a $500 million bridge loan that was due Thursday.
Adani's efforts to rebuild investor confidence comes as the group seeks to allay concerns about its debt by pre-paying loans, in the aftermath of a scathing US short-seller report.