SHARES TUMBLE FURTHER AS ‘RAID’ CONDUCTED AT ADANI WILMAR WAREHOUSE IN HIMACHAL

The officials did not find any irregularities in the operations and dealings conducted by the company, says

Adani Wilmar

First India Bureau

New Delhi: On the day when Adani Enterprises and Adani Ports were among the biggest los-

Gautam Adani ers on the Nifty, one of the top businessman in the country, billionaire Gautam Adani’s FMCG arm - Adani Wilmercame under ‘inspection’ late on Wednesday night when a team of Himachal Pradesh State Excise and Taxation Department raided the Adani Wilmar’s depot warehouse in Parvanoo, wherein the checking for documents continued at the warehouse till late in the night. Turn to P6

ADANI GROUP TO PRE-PAY $500 MILLION LOAN Mumbai: The Adani Group plans to prepay a $500 million bridge loan due next month after some banks balked at refinancing the debt following a short seller report that sent the group’s assets tumbling. Barclays Plc, Standard Chartered Plc and Deutsche Bank AG are among banks that lent Adani $4.5 billion to finance the purchase of Holcim Ltd cement assets last year. A portion of that loan is due March 9.

SHOCKER SHARE: ADANI ENTERPRISES TOP LOSER

In Adani’s 10-stock pack, flagship entity Adani Enterprises was worst performer as it was locked in a 15% lower circuit limit at `1,834.9. Adani Ports NSE -2.83%, Ambuja Cements NSE -6.98%, Adani Power NSE -5.0%, Adani Transmission NSE -5.0%, Adani Total Gas NSE -5.0% and Adani Green NSE -5.0% - were trading 5% lower each. Adani Wilmar NSE 4.99% was the only stock in the group to be trading on a higher note.

The move of Fadnavis raised eyebrows within and outside the ruling BJP.

Speaking at the function, Fadnavis referred to Patel as his “close friend” and “brother”.

The NCP parliamentarian, described Fadnavis as a “dynamic and visionary leader”.

“As I am here, naturally there will be a lot of speculation about my presence. I thank Praful Patel, for invitation. But this is the culture of Maharashtra, where we do not keep animosity at individual level despite having differences at ideological level,” said the BJP leader.

NORWAY WEALTH FUND SELLS STAKE IN ADANI GROUP COMPANIES: REPORT Norway’s sovereign wealth fund has sold its stakes in three Adani Group companies worth just over $200 million since the start of the year, the world’s largest stock investor said on Thursday. The $1.35 trillion fund at the end of 2022 held stakes in Adani Total Gas ADAG.NS, Adani Ports & Special Economic Zone APSE.NS and Adani Green Energy. “Since year-end, we have further reduced in Adani companies. We have no exposure left,” Christopher Wright, the fund’s head of ESG risk monitoring, told a news conference.“We have monitored Adani for many years (on ESG) issues, many on their handling of environmental risks,” he said. Norway’s sovereign wealth fund at the end of 2022 held a stake in Adani Total worth $83.6 million, a stake in Adani Ports worth $63.4 million and a stake in Adani Green Energy of $52.7 million. The fund, managed by a unit of the central bank, owns 1.3% of all globally listed shares with stakes in some 9,200 companies.