“Balance sheet of each of our impendent portfolio companies is very healthy. We have industry-leading development capabilities, strong corporate governance, secure assets, strong cashflows, and our business plan is fully funded,” Adani Group spokesperson said.
Once the current market stabilizes, each entity will review its own capital market strategy, it said.
“Be rest assured, we are confident in the continued ability of our portfolio to deliver superior returns to shareholders,” the spokesperson said.
Earlier in the day, a Bloomberg report had said that the conglomerate has reduced its revenue growth target to 15-20% from 40% for at least the next fiscal year. Adani Group is also said to have postponed capex plans in the aftermath of an explosive report by Hindenburg.
Led by the self-made billionaire, the conglomerate is said to be focusing on cash conservation, debt repayment, and recovering pledged shares.
Following the report, all 10 Adani stocks ended in the negative zone with Adani Enterprises being the top loser by eroding another 7% of its value. Most Adani stocks were locked in their 5% lower circuit limits. Global ratings agency Moody’s had last Friday cut the outlook on 4 of Adani Group companies, including Adani Green Energy, to “negative” from “stable”.