Adani Ports, Ambuja Cements deny share buyback plan

Responding to clarifications sought by the exchanges, both Adani Group Companies said, ‘We would like to clarify that there is no such plan and hence we are not in trouble

position to comment on the veracity of the said media report, “adding,” we have made and will continue to make disclosures in compliance with our obligations SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and our agreements with the Stock Exchanges.”

On 30 January 2023, a leading business website had reported that the Adani group is considering buyback of shares in group firms Ambuja Cements and Adani Ports and Special Economic Zones and the buyback of shares will be to the tune of 3,000 crores. The report further states that the talks regarding the buyback of the shares are in advanced stage and an announcement in this regard could be made by next week.

This caught the attention of Indian exchanges and they sought clarification from the Adani group, “Exchange has sought clarification Ambuja Cements Ltd. with reference to a media report dated January 30, 2023 titled ‘Adani Group Said to Plan’ 3,000 crore Ambuja, APSEZ buyback. The company is requested to submit its clarification to the Exchange in terms of the provisions of Regulation 30 of the SEBI (LODR) Regulations, 2015.”

The exchange has also sought a similar clarification from Adani Ports and Special Economic Zone.

after that Hindenburg Research Report on Adani Group of Companies Shares of the entire Adani Group have been witnessing a continuous selloff for the last four sessions. Adani Ports share price has declined from all sides since 761 610 at each level, a decline of nearly 20 percent over four sessions.

Similarly, the share price of Ambuja Cements has declined. since 499 405 per share level in the last four straight sessions, a decline of nearly 20 per cent in this time.