Adani Group is planning to organise fixed income roadshows next week across multiple locations in Asia. The move is targeted to restore trust of its investors after the January 24 report published by American short-seller Hindenburg Research induced immense selling pressure on shares of Adani Group companies, reported Reuters.
Jugshinder Singh, chief financial officer of Adani Group, will be attending the scheduled roadshows in Singapore on February 27 and in Hong Kong on February 28 and March 1.
Previously, in an attempt to regain the trust of its investors, Adani Group had taken several measures like paying their debt in advance, delaying and scaling down its capital expenditure plans and hiring legal and communications team. According to Ace Equity, the conglomerate’s ten listed companies’ market value plummeted 61 per cent from Rs 19.23 lakh crore to Rs 7.40 lakh crore due to massive selloff in its shares after the US-based short-seller accused Adani Group of several malpractices including stock price manipulation and illegal use of offshore tax haven.
As per Reuters, some of the banks organising the next week's roadshows include Barclays, BNP Paribas, DBS Bank, Deutsche Bank, Emirates NBD Capital, ING, IMI-Intesa Sanpaolo, MUFG, Mizuho, SMBC Nikko and Standard Chartered.
In Friday’s trading session, Adani Group companies continued to fall with the group’s flagship company Adani Enterprises falling 8.76 per cent to hit an intraday low of Rs 1,261.60 before paring some losses. Meanwhile, Adani Power declined 5 per cent, Adani Wilmar fell over 3 per cent, Adani Green Energy tumbled 5 per cent, Adani Total Gas fell 5 per cent, Adani Transmission fell 5 per cent.
Ambuja Cements offered some relief to the group, trading in green throughout the day.