Adani stocks in focus post CFO's clarifications

Adani Group stocks are in focus in Monday's trade after the group's clarification post the US court indictment of the Group's founder and Chairman Gautam Adani. Earlier the group's CFO Rpbbie Singh said that the issue relates to Adani Green- the group's renewable energy arm based out of Ahmedabad.

At the last count in early trade, as all Adani stocks traded in the green, Adani Energy Solutions was the most resilient and moved higher by up to 7 per cent to Rs 694.15.

The gains come even as the US Securities and Exchange Commission has send summon to Gautam Adani and 7 others in the latest bribery charge which has to be replied back in 21 days. In a case, the notice is left unresponded the US court will announce its verdict.

Adani Ports and Special Economic Zone was also up over 1 per cent at Rs 1,149.35 apiece on the BSE. This is despite the global ratings company S&P Global Ratings reduced the outlook from positive to negative, while the rating has been maintained at 'BBB-". The stock at the day's high scaled to levels of Rs 1,190.3, while at the day's low it reached Rs 1,146.95 per share on the BSE.

Aditionally, the outlook has been reduced for 2 other companies including Adani Green.  The rating agency said that it poses big risk to the Group's cash flow situation as well as governnance.  

Meanwhile, Adani Green traded with marginal gains of Rs 1,055.75 per share on the BSE.

The group's CFO pointed that none of the 11 publicly listed company of the Group are subject to indictment. Also, he said that the issue relates to only one contract of Adani Green and this accounts for just 10 per cent of the company's entire book.

Furthermore, the group made a clarification that it has not inked any contract pertaining to the airport in Kenya.

Meanwhile, as the winter session of the Parliaments kicks-off today, the bribery case faced by the Adani Group will also be discussed therein.