Adani group stocks fall; Adani Power, Adani Wilmar decline nearly 5 pc

Most of the Adani group stocks ended lower on Tuesday following a report that the conglomerate is ''deeply overleveraged'' with the group predominantly using debt to invest aggressively across existing as well as new businesses.

Shares of Adani Power fell 4.99 percent, Adani Wilmar went lower by 4.73 percent and Adani Green Energy declined 4.15 percent on the BSE.

Adani Power and Adani Wilmar hit their lower circuit limits during the day.

Also, Adani Enterprises fell 0.93 percent and Adani Ports and Special Economic Zone dipped 0.32 percent.

However, Adani Transmission jumped 3.23 percent and Adani Total Gas climbed 1.73 percent.

In the broader market, the 30-share BSE benchmark climbed 257.43 points or 0.44 percent to settle at 59,031.30.

Richest Indian Gautam Adani's ports-to-power-to-cement conglomerate is ''deeply overleveraged'' with the group predominantly using debt to invest aggressively across existing as well as new businesses, CreditSights, a Fitch Group unit, said on Tuesday.

In a report titled 'Adani Group: Deeply Overleveraged', CreditSights said, ''In the worst-case scenario, overly ambitious debt-funded growth plans could eventually spiral into a massive debt trap, and possibly culminate into a distressed situation or default of one or more group companies.'' Starting as a commodities trader in the late 1980s, the Adani group has diversified from mines, ports, and power plants into airports, data centers, and defense.