Senior BJP leader Subramanian Swamy's tweet that Gautam Adani is the biggest NPA (Non-Performing Assets) trapeze artist in the country and owes Public Sector Banks Rs 72000 crore hit the Adani Group companies hard on Wednesday.
Stocks of Adani Group companies fell by almost seven per cent on the Sensex and Nifty on Wednesday.
In Wednesday's trading, Adani Enterprises' stocks fell by 7.24% to Rs 172.40. Adani Ports (and Special Economic Zone) too ended in the red - down 6.53% at Rs 377.45 per share.
Adani Power and Adani Transmission were no exceptions falling by 6.60% and 7.67% respectively.
In all, Adani group companies lost Rs 9761.3 crore in market capitalisation.
Dhruv Desai, Director and Chief Operating Officer of Tradebulls, pinned the fall on Swamy's tweet.
As we reported, Swamy on Tuesday in a tweet had demanded that Adani - believed by Modi baiters as being close to the Prime Minister - must be made to pay up. The former Union Minister dropped an indication that he would be filing a Public Interest Litigation (PIL) in the courts if this did not happen.
Adani group was prompt in issuing a clarification stating that its long-term borrowings were only Rs 34000-crore and that it had been regularly servicing its debts.
"The singular critical test for debt is its regular servicing - something which the Adani Group has implemented diligently, since its inception," the company said
IANS citing Bloomberg data however pegged the Adani Group's total debt at Rs 99181.09 crore split across the various group entities in this manner: Adani Power - Rs 47609.43 crore; Adani Transmission - Rs 8356.07 crore; Adani Enterprises - Rs 22424.44 crore and Adani Ports Rs 20791.15 crore.