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During the meeting, CM Sarma invited PM Modi to attend the inaugural ceremony of the year-long celebration of Bharat Ratna Dr. Bhupen Hazarika's birth centenary as Chief Guest.
Digital Desk: Assam C
The group, led by erstwhile Asia's richest man Gautam Adani, has refuted all claims, calling the report malicious and full of lies...
Digital Desk: Adani Group stocks have seen over USD 100 billion in value wiped out since Hindenburg Research released its damaging report. The Indian ports-to-energy business conglomerate has been accused of financial and accounting malfeasance by the tiny New York-based short-selling firm. The group, led by erstwhile Asia's richest man Gautam Adani, has refuted all claims, calling the report malicious and full of lies.
Adani Group stocks tumble continues
Adani Enterprises' shares fell more than 26% on Thursday, with most other group shares plunging for the sixth day in a row. During the day, the price of Adani Enterprises' stock fell to a 52-week low of Rs. 1,513.90 before settling at Rs. 1,564.70 on the BSE. In just six days, the cumulative worth loss for ten listed Adani Group enterprises has surpassed Rs 8.76 lakh crore.
Adani Transmission, Adani Green Energy, and Adani Total Gas shares were all down 10% on Thursday, while Adani Ports sank 6.13%, Adani Wilmar 5%, NDTV 4.99%, and Adani Power dropped 4.98%. During the early trade, a number of stocks reached lower circuit limitations. Ambuja Cements and ACC were up 5.33 percent and 0.05 percent, respectively.
Threat to LIC's investments in Adani Group
The Adani Group stock drop has threatened the value of investments made by the Life Insurance Corporation (LIC) and Indian public sector banks. With sizeable holdings in nearly all of the 10 listed Adani Group firms, LIC has a significant investment in the equities of the Adani Group. These include 9% in Adani Ports and Special Economic Zone, 3.7 % in Adani Transmission, 1.3 % in Adani Green Energy, and 6% in Adani Total Gas Ltd.
Adani Group decided to cancel the Adani Enterprises Ltd (AEL) share sale (FPO) late Wednesday after it was fully subscribed. According to a statement, the group decided to terminate the Follow-on Public Offering owing to market volatility and return the money to investors. LIC was an anchor investor in the Rs 20,000-crore share sale, investing around Rs 300 crore for an additional 9,15,748 shares.
RBI asks banks for details on their exposure to Adani Group
Meanwhile, the Reserve Bank of India (RBI) requested information on Thursday about banks' exposures to the Adani Group, according to banking sources. Credit Suisse, a Swiss lender, stopped accepting bonds issued by Adani Group companies as security for margin loans on Wednesday.
Uproar in Parliament
The matter has also flared in the Parliament, with opposition parties calling for a debate and a joint committee investigation into the fraud-allegation-caused collapse in Adani group firm stocks. On Thursday, chaos forced both the Lok Sabha and the Rajya Sabha to adjourn.
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