Adani Total Gas

Parag Parikh has stepped down from his position as Chief Financial Officer at Adani Total Gas.

Gautam Adani, Chairman of Adani Group, issued a letter to shareholders of Adani Total Gas Limited addressing the aftermath of Hindenburg's January 24, 2023 report. Adani stated that SEBI has dismissed the allegations against the group, calling it a validation of the company's transparency and governance. He highlighted the group's financial performance during this period, with portfolio EBITDA growing from ₹57,205 crores in FY23 to ₹89,806 crores in FY25, representing 57% absolute growth and 25% CAGR over two years. The group's gross block expanded from ₹4,12,318 crores to ₹6,09,133 crores, adding nearly ₹2 lakh crores. Key projects completed include India's first container transshipment port at Vizhinjam, 6 GW of renewable capacity including the Khavda project, the world's largest copper smelter complex, and 7,000 circuit kms of transmission lines with 4 GW of thermal capacity. Adani acknowledged the anxiety caused to investors, lenders, suppliers and partners during this period and committed to strengthening governance standards, accelerating innovation and sustainability, and continuing infrastructure investments.

Adani Total Gas shares declined 5% on Tuesday, reaching an intraday low of Rs 741.35 on BSE, as investors booked profits following a sharp 19% gain in the previous session. The stock was among top gainers across Adani Group on Monday, contributing to a Rs 1.7 lakh crore increase in the group's market capitalization over two trading sessions. The broader Adani Group rally followed SEBI's clean chit to Gautam Adani in the Hindenburg case. BSE sought clarification from the company regarding unusual volume and price movement, to which Adani Total Gas responded that the movement was purely due to market conditions and market driven, with management having no knowledge or control over the reasons. The company confirmed compliance with disclosure obligations under SEBI regulations.