Adani Enterprises, Adani Ports Among 8 Group Stocks Bounce Back In Tuesday Trade

Since January 24, when US short-seller Hindenburg Research published its report on the group, the market value of all 10 companies has declined by Rs 12,07,848.69 crore.

The price of Adani Enterprises stock increased 14.22 per cent to close at Rs 1,364.05 on the BSE. During the day, it rallied 19 per cent to Rs 1,421.95.

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After declining in recent sessions, shares of the Adani group of companies ended with gains on Tuesday. Eight of the 10 listed firms of the Adani Group registered gains at the closing bell, reported PTI. 

The price of Adani Enterprises stock increased 14.22 per cent to close at Rs 1,364.05 on the BSE. During the day, it rallied 19 per cent to Rs 1,421.95.

Adani Ports shares increased by 5.44 per cent, Adani Green Energy shares increased by 5 per cent, Adani Wilmar shares registered 5 per cent gains, and NDTV shares jumped by 4.99 per cent.

Adani Power advanced 4.98 per cent, Ambuja Cements (3.75 per cent), and ACC (2.24 per cent), the report said. 

Although, the share prices of Adani Transmission and Adani Total Gas declined by 5 per cent and 4.99 per cent, respectively. 

According to the report, since January 24, when US short-seller Hindenburg Research published its report on the group, the market value of all ten companies has declined by Rs 12,07,848.69 crore. This equals roughly $147 billion at the current currency rate.

The total market value of these firms has decreased by Rs 12,37,891.56 crore up till Monday, the report further added. 

The two key equity benchmarks, Sensex and Nifty, on Tuesday, ended in the red despite starting with marginal gains. The S&P BSE Sensex closed 326 points lower at 58,962. It has declined a total of 2,358 points in the past eight trading days. On the other hand, the NSE Nifty50 sank to a low of 17,255 in intra-day deals from a high of 17,440. The Nifty eventually settled 89 points lower at 17,304. 

Prashanth Tapse, Research Analyst, Senior VP (Research) at Mehta Equities Ltd, told PTI, “The negative takeaway was that Nifty witnessed drubbing despite Adani Group stocks bouncing sharply higher in today's trade.”

Nine out of the 10 listed firms of the Adani Group closed in the red on Monday, with the flagship Adani Enterprises tumbling over 9 per cent. The majority of the Adani Group firms had ended lower on Friday as well.

On Tuesday, news agency Reuters reported that Adani Group is planning to prepay or repay share-backed loans worth between $690 million and $790 million by the end of March this year. The report said that plans were presented by the firm’s management to the group's bondholders in Hong Kong on Tuesday. This comes as the group led by Gautam Adani is looking to burnish its credit profile.