NDTV is the second Adani group company to come out of short-term ASM framework or ASM after Adani Enterprises earlier this month.
NDTV and Adani Enterprises were placed under short-term additional surveillance by stock exchanges in the last week of May, following a steep rally in the stock prices after a Supreme Court-appointed panel found no evidence of stock price manipulation in the group companies.
Stocks are moved into the short-term or long-term additional surveillance framework by exchanges in order to warn investors of unusual movement in share prices. The stock exchanges place trading restrictions to curb volatility and potential losses to retail investors.
On Tuesday, NDTV stock fell by a marginal 0.92% at Rs 236.70 on the NSE. In the last one month, the stock had jumped nearly 31% amid a spate of positive news flow, which included NRI investor Rajiv Jain increasing the stake and fundraising plans.
On Monday, Adani group said it has repaid loans to the tune of $2.65 billion, highlighting two separate debt accounts it had paid off in March this year to win back investor trust after the Hindenburg report.
The group’s ratio of net debt to EBITDA, or operating profit, was at 3.27, while the net debt to run-rate EBITDA ratio was at 2.81.The prepaid loans include a margin-linked share-backed financing of $2.15 billion, which the company had paid off by March 12 before its March 31 deadline.
The group had also prepaid $500 million of debt taken for the acquisition of Ambuja Cement along with $203 million interest in March.
Scrutiny on the Adani Group’s debt profile has increased since a US-based short-seller published a report alleging rampant fraud and stock manipulation at the ports-to-cooking-oil conglomerate.
