On ‘Adani shares tumble’ report, Mahua Moitra's 'don't have cash' dig

Mahua Moitra has been one of the main voices in the Opposition who has been demanding a JPC probe into the Adani row since the Hindenburg Research's report alleged stock manipulation and improper use of tax havens by the group.

Trinamool Congress MP Mahua Moitra on Wednesday once again raked up the Adani issue and took a swipe at the billionaire sharing a news report which claimed that shares of Adani Group companies tumbled on Tuesday following a report that the conglomerate was seeking to renegotiate terms of outstanding loans worth $4 billion taken last year to buy cement firms ACC and Ambuja Cements.

TMP MP Mahua Moitra and multi-billionaire Gautam Adani. (File pics)

Moitra has been one of the main voices in the Opposition who has been demanding a JPC probe into the Adani row since the Hindenburg Research's report alleged stock manipulation and improper use of tax havens by the group. The Adani Group has denied the allegations.

“Adani shares tumble on @reuters report that group seeking time to pay ACC, Ambuja debt. Don’t have cash flows, don’t have credibility to access long term bond markets. All chickens coming home to roost!” Moitra said in her latest tweet.

Reuters report added that the group's flagship firm, Adani Enterprises, slid nearly 8% to a near four-week low, while Adani Ports tumbled 9.2%. ACC dropped 4.8% to its lowest since February 2021 and Ambuja Cement slipped 4.2%.

The group, led by billionaire Gautam Adani, has begun negotiations with lenders to extend the tenure of its $3 billion bridge loan to a period of five years or beyond from the existing 18 months, The Economic Times said on Tuesday, citing sources.

Adani refutes reports on debt repayment concerns

The Adani Group refuted the reports in separate statements on Tuesday, calling the claims “baseless speculation.” Later in the day, the company addressed The Ken report, saying it had paid off share-backed financing amounting to $2.15 billion and that the stock pledged for those facilities had been released.

Adani spokesman Jugeshinder Singh earlier tweeted that the report was a “deliberate misrepresentation.”

(With inputs from Reuters, Bloomberg)