Exclusive: After $7 Billion Loss In Stock Value, Adani CFO’s Explanation

“What’s important for us is that we have a diversified register,” Jugeshinder Singh To NDTV.

New Delhi:

A day after a bloodbath on Monday at the markets where shares of Adani Group fell as much as 25 per cent, amid reports that the National Securities Depository Ltd had frozen the accounts of three foreign portfolio investors, there has been a partial recovery after a clarification from the company. But there is continued pressure on these stocks even today. Adani Group, for its part, has said that the accounts of these foreign investors remain active, contrary to what has been reported. However, key questions continue to be asked about the structure of the company, the nature of its investors and opacity in its dealings.

Here are the highlights of what Adani Group CFO Jugeshinder Singh To NDTV:

  • These are 2-3-year-old companies. These will continue to see a rise even after 5-7 years. We are a young company and are growing fast.
  • The shares are rising. We are a utility platform, but India currently does not have a utility index.
  • What is important for us is that we have a diversified register, and we are doing that.
  • City gas would be a very important element because it is a B-to-C business. It also expands into tier II and tier III category towns, so it is an area of focus for us.
  • It is our obligation to disclose to our investors, and my team and I will ensure that this is done. India’s growth story is solid and we will work to continue to grow.
  • If one can say that our disclosures are even remotely different in quality from any entity listed on the stock exchange, I will get it rectified immediately. But that won’t be the case.
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