Share Market News: DFC Approves Loan to Adani Group, Gives Clean Chit In Alleged Fraud Case

08 Dec, 2023 Author: Ayushee Joshi

Share Market News: Gautam Adani-led Adani Group was given a clean chit and loan by America’s International Development Finance Corporation (DFC), claiming that the allegations leveled against the company were false, resulting in a significant increase in Adani Group shares. Adani Power is currently trading at Rs 495, up more than 6%. Similarly, Adani Green has increased by more than 17% to close in on Rs 1325. Adani Wilmar’s shares have increased by about 7%.

Adani-Hindenburg Case

The DFC has loaned Adani $553 million, or more than Rs 4600 crore, to build a container terminal in Sri Lanka. Before making the loan, DFC stated that it had investigated and found the allegations of short seller firm Hindenburg to be false. Hindenburg claimed that Adani was committing the largest corporate fraud in history. These allegations, according to DFC, do not apply to Adani Ports and Space Economic Zone Limited. This company’s subsidiary is constructing a container terminal in Sri Lanka. Adani received a loan from DFC only after an investigation. However, DFC has not provided any information about the loan’s terms.