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Adani Group shares plunge after BJP MP's 'biggest NPA trapeze artiste' tweet

Thursday March 8, 2018 0:38 AM, & Agencies

Adani Group

New Delhi: Shares of Adani Group companies on Wednesday plunged by up to eight per cent, wiping out over Rs 9,000 crore in market value, after BJP MP Subramanian Swamy called Gautam Adani the "biggest NPA trapeze artiste in PSUs".

Shares of Adani Transmission fell 7.72 per cent to close at Rs 179.85 on the BSE. Besides, Adani Enterprises plunged 7.24 per cent to settle at Rs 172.40. In addition, scrip of Adani Ports & SEZ tanked by 6.53 per cent to settle the day at Rs 377.45, while Adani Power declined 6.6 per cent to close at Rs 27.60, according to PTI.

Following the decline at the counters, the market capitalisation of the companies eroded by more than Rs 9,300 crore collectively.

In a Tweet, senior BJP leader and a Member of Parliament Subramanian Swamy on Tuesday called industrialist Gautam Adani the “biggest NPA (Non-Performing Asset) trapeze artiste in PSUs.”

Targeting Adani who is believed to be close to Prime Minister Narendra Modi, Swamy on Twitter wrote, “The biggest NPA trapeze artiste in PSUs is Gautam Adani. It is time he is made accountable or a PIL is inevitable.”

Further explaining his tweet, Swamy said that an investigation should be conducted against Adani as he is believed to have Rs 72,000 crore in NPA. “I tweeted that he (Gautam Adani) seems to be like a trapeze artiste. Information came to me that he may be having as much as Rs 72,000 (crores) in NPA. This will be clear only after investigation. That’s why I raised this question,” Swamy said, reported news agency ANI.

According to Bloomberg data, as of September 2017, Adani Power had a total debt of Rs 47,609.43 crore, Adani Transmission Rs 8,356.07 crore, Adani Ent Rs 22,424.44 crore and Adani Ports Rs 20.791.15 crore. The ports tycoon and his family’s net worth was believed to be $11 billion in 2017 — making him the 10th richest man in India, according to Forbes.

Adani runs Mundra Port - India's largest private port, and has interests in Power Generation, Transmission, coal trading, mining, oil and gas among other areas. According to the Harun Global Rich List 2018 published a few days ago, Adani's wealth doubled in the last one year to US$ 14 billion (over Rs 91000 crore).

According to some other reports, Adani's wealth stood at US$ 1.9 billion, when Narendra Modi was named Bharatiya Janata Party's (BJP) Prime Ministerial candidate in September 2013. However, his stock more than tripled in value by the time Modi became the Prime Minister in 2014.

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