Adani Ports and Ambuja Cements denied media reports of a ₹3,000 crore share buyback by the Adani group. In response to exchange inquiries, both companies stated they could not comment on the reports’ accuracy and that they would continue to comply with SEBI regulations and exchange agreements.
Adani Ports and Ambuja Cements stated, “There is no such plan and we cannot comment on the media report’s accuracy. We comply with SEBI regulations and exchange agreements in disclosures.”
On January 30, 2023, a business website reported Adani group was considering a share buyback worth ₹3,000 crore in Ambuja Cements and Adani Ports. The report added talks were advanced and an announcement could come next week.
The Indian exchanges drew attention to the media report and requested clarification from the Adani group under Regulation 30 of the SEBI (LODR) Regulations, 2015, regarding the alleged ₹3,000 crore buyback plan by Ambuja Cements and Adani Ports as reported on January 30, 2023.
The exchanges also sought clarification from Adani Ports.
After a Hindenburg Research report on Adani group companies, the group’s stocks have faced a sell-off for four straight sessions. Adani Ports’ share price fell from ₹761 to ₹610, a 20% drop in four sessions.
Ambuja Cements’ share price also fell 20% from ₹499 to ₹405 per share in four straight sessions.
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