Shares of Adani Enterprises Ltd opened 7% lower on Monday, following Friday's volatile session. At 10:22 IST, the stock was trading over % lower.
Shares of the company recorded a new 52-week low on Friday, but however the stock closed 1.38% higher.
As per Bloomberg News report on Saturday, the company plans to raise as much as ₹1,000 crore ($122 million) via its first-ever public sale of bonds.
This comes after the Indian group's flagship company on Wednesday, called off its ₹20,000-crore public offering on the backdrop of Hindenburg's criticisms.
As per media reports, over the weekend, Indian policymakers and regulators intervened to ease the situation amid worries that the crisis surrounding Gautam Adani's conglomerate would spill over into the local economy and impact the perception of the nation among foreign investors.
The Securities and Exchange Board of India (SEBI) stated that maintaining market integrity was a priority. The central bank has guaranteed that banks are operating within certain limits on their exposure to the Adani group.
As per reports, Standard Chartered stops lending against Adani Dollar Bonds amid volatility. The temporary decision was taken on Friday amid volatility in Adani Bonds
Since January 24, the market value of Adani's empire has fallen by almost half after US-based short-seller Hindenburg Research accused it of stock manipulation and accounting fraud. The group has threatened legal action and consistently refuted Hindenburg's accusations of business misconduct.
