Adani stocks slip on reports of Gujarat project suspension

New Delhi Television

20/03/2023 04:36

** Shares of Adani group companies fall after the group suspends work on a
petrochemical project at Mundra in Gujarat worth 349 bln rupees ($4.2 bln),
according to the Press Trust of India (PTI)
    ** The suspension comes as the group focuses on consolidating operations and
addressing investor concerns after the Hindenburg report  urn:newsml:reuters.com:*:nL1N35R03Q
    ** Shares of Adani Enterprises  ADEL.NS , Adani Ports  APSE.NS , Adani
Transmission  ADAI.NS , Adani Power  ADAN.NS , Adani Wilmar  ADAW.NS , Ambuja
Cements  ABUJ.NS , New Delhi Television  NDTV.NS  fall between 3.7% and 1.5%
    ** The group has asked vendors and suppliers to "suspend all activities and
performance of all obligations" for Mundra Petrochem Ltd's Green PVC project
"till further notice," the Economic Times reported, citing mails seen by PTI
    ** On Jan. 24, Hindenburg Research had alleged stock manipulation and
improper use of tax havens and flagged concerns over debt levels at the company,
which Adani has denied
    ** Following that, India's top court has asked SEBI to investigate Adani
Group for any lapses related to public shareholding norms or regulatory
disclosures
    
    ($1 = 82.5200 Indian rupees)

 (Reporting by Yagnoseni Das in Bengaluru)
 ((Yagnoseni.Das@thomsonreuters.com; +91 6001289066;))