Adani Group stocks mostly close higher after promoters pre-pay loans against shares

Adani Group shares were mixed at the close on Tuesday, a day after the ports-to-retail conglomerate said its promoters had pre-paid more than $0.1 billion in stock loans.

Publicly traded companies have nearly reduced their market capitalization to around $9 trillion since January 24.

Here's how the Adani Group's shares stood at market close on Tuesday:

Adani Enterprises rose 14.63 percent to Rs 1,802.5 apiece
Adani Total fell 5.00 percent to Rs 1,467.5 apiece
Adani Ports and SEZ rose 1.33 percent to Rs 553.3 apiece
Adani Power fell 4.99 percent to Rs 173.35 apiece
Adani Transmission fell 9.7 percent to Rs 1,251.7 apiece
Adani Green fell 5 percent to Rs 843.2 apiece
Adani Wilmar rose 4.99 percent to Rs 399.40 a piece
ACC rose 1.32 percent to Rs 1,969.5 apiece
Ambuja rose 1.12 percent to Rs 383.7 a piece
NDTV rose 1.07 percent to Rs 216.95 apiece

On January 25, US-based Hindenburg Research issued a report accusing the Adani Group of financial misstatements, over-indebtedness of its balance sheet and reverse transfer of funds through shell entities. This prompted the ports-to-retail conglomerate to shelve plans to list its fully subscribed Rs 20,000 crore FPO, followed by halting plans to raise Rs 1,000 crore through a bond issue.

The group has been at loggerheads with opposition parties disrupting parliament and insisting on a debate over the allegations leveled against the Adani Group. On Tuesday, Congress leader Rahul Gandhi questioned Prime Minister Narendra Modi's association with billionaire Gautam Adani while addressing the ongoing Adani Group controversy and raised questions about the group's conduct after the 2014 general elections.

The group's shares began to fall after Swiss investment bank Credit Suisse stopped issuing margin loans on its bonds. Similar moves by US-based Citigroup and UK-based Standard Chartered followed. Markets remained volatile in line with the group's fortunes. However, regardless of the allegations against the Adani group, the group's shares are worth Rs 947 per share, according to Ashwath Damodaran, professor of finance at New York University's Stern School of Business.