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Indian Equities Hit Their Weekly Low As Adani Stocks Drag

The Nifty 50 index closed 1.25 per cent lower at 17,891.95, while the S&P BSE Sensex fell 1.27 per cent to 60,205.06

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Indian equities hit their weekly low on Wednesday as Adani Group stocks dragged amid fresh concerns about the group’s debt.

Hindenburg, a US short-seller said in a new report that key listed companies of the Adani group had substantial debt.

The Nifty 50 index closed 1.25 per cent lower at 17,891.95, while the S&P BSE Sensex fell 1.27 per cent to 60,205.06.

Adani Enterprises fell 1.54 per cent, while other key group stocks such as Adani Ports and Special Economic Zone slumped more than 6 per cent. 

On the Nifty50, Adani Ports was the top loser.

Its cement companies, ACC and Ambuja Cements fell 7.28 per cent and 7.77 per cent respectively.

Hindenburg’s report said that five of seven key listed Adani companies have reported current ratios below 1. It said that these companies have a heightened short term liquidity risk.

The report comes after CreditSights report in September which had also raised concerns about its debt but later it corrected some of its calculations. However, it maintained its concerns about Adani’s leverage.

Auto stocks rose on Wednesday after third quarter earnings report. Maruti Suzuki and Bajaj Auto gained 0.98 per cent and 0.84 per cent respectively.

Indian markets will be closed on Thursday on account of Republic Day.


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