Adani stocks tracker: Why ACC, Ambuja Cements survived the crash today

NEW DELHI: As stocks belonging to billionaire entrepreneur Gautam Adani tumbled up to 10% on Thursday, two of his new acquisitions - ACC and Ambuja Cements - managed to survive the crash. Out of the 10 Adani stocks, only these two were trading higher.

While ACC was up 1.8% at Rs 1,877.55, Ambuja Cements rallied over 3% to Rs 346.40.

The price movement came after the Adani Group clarified reports related to pledging of shares of Ambuja Cement and ACC.

"We would like to clarify that none of the shares of Ambuja or ACC have been pledged by promoters. The promoters have only provided non-disposal undertaking and accordingly, there is no requirement of providing any top-up of shares of Ambuja and ACC or cash top up under the acquisition financing raised last year," Adani Group said in a media statement.

There have been reports in market circles claiming that shares of both Ambuja and ACC are pledged by promoters as a part of the acquisition financing.

"Consequently, there are market rumors that amid market volatility, there is a requirement to meet the top-up triggers where in there is selling pressure," the Ahmedabad-based conglomerate said while calling the news as "misleading".

Following allegations made in the Hindenburg report against the Adani-led conglomerate, ACC shares had hit a record low of Rs 1,733.30 last week. Ambuja Cements, on the other hand, has already fallen 41% from its 52-week high.

Earlier in the day, Adani tried his best to assure investors who have been dumping company stocks non-stop for the last 6 days. In a video message, he said the fundamentals of his company are strong.

"Our balance sheet is healthy and assets, robust. Our EBIDTA levels and cash flows have been very strong and we have an impeccable track record of fulfilling our debt obligations. We will continue to focus on long-term value creation and growth will be managed by internal accruals," Adani said, adding that he will review the capital market strategy once the market stabilises.

In a surprise announcement last night, Adani Enterprises withdrew Rs 20,000 crore FPO, which was fully subscribed on last day, saying that it will return money to investors.