Asia Index said on Friday that it would drop Adani’s two recent cement acquisitions – Ambuja Cements and ACC – from the S&P BSE 100 ESG Index from Feb 22.
The Adani Group has sought to allay investor concerns.
The Economic Times newspaper reported on Friday that the conglomerate plans to completely pre-pay all loans against shares over the next 20 days.
The Adani Group did not immediately respond to Reuters’ request for comment on the report.
The group’s renewable energy arm, Adani Green Energy , plans to disclose its refinancing plan after the fiscal year ends, an executive of the group told bondholders on a call on Thursday, sources told Reuters.
Avinash Gorakshakar, head of research at Profitmart Securities, said that the refinancing plans were positive for sentiment, but the group’s stocks would continue to remain volatile.
“What we’ll need to know is how they are going to fund their future growth plans. Fresh funding is not going to come easy,” he said.
Adani Green Energy bonds due in 2024 and offering a 4.375 per cent coupon jumped on Thursday to US$0.84 on the dollar from US$0.75 a day earlier, Tradeweb data showed.
Adani Green shares closed up 2 per cent on Friday, after losing nearly 70 per cent since the Jan 24 report. Adani Power climbed 5 per cent, while Adani Ports and Special Economic Zone ended up 0.25 per cent.
Adani Group’s flagship firm, Adani Enterprises, closed down 4.1 per cent, while Adani Total Gas shares, which have been hit the hardest by the report, ended down 5 per cent.