A trustee said on Wednesday that more shares of some of the Adani Group companies are overburdened.
SBICap Trustee said in a notice to the exchanges that 0.99% shares in Adani Green Energy Ltd were pledged to Adani Enterprises Ltd “for the benefit of the Lenders”. Additional 0.76% shares of Adani Transmission Limited were also pledged with banks. , said the trustee.
SBICAP Trustee Company Limited is a unit of the country’s largest lender State Bank of India.
The Adani group has lost about $124 billion since Hindenburg Research accused the Indian conglomerate of alleged stock manipulation in late January. The group owned by one of Asia’s richest businessmen, Gautam Adani, has denied the allegations in a lengthy rebuttal.
The text of this story is published from a wire agency feed without any modification.
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