Some Adani shares rise after group faces market loss of $110 bn
Shares of most of the Adani group companies including its flagship Adani Enterprises rose in early trade on Tuesday (February 7) days after the group faced losses up to $110 billion in the backdrop of a US short-seller’s damning report about the Indian conglomerate.
Amid volatile trading in the market, as many as eight Adani group firms were trading in the positive territory while two were in the red. On the BSE, the scrip of Adani Enterprises jumped 15 per cent to its upper price band of ₹1,808.25 apiece with a market capitalisation of ₹2.06 lakh crore.
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Adani Ports and Special Economic Zone surged 8.96 per cent to ₹595, and its market valuation rose to ₹1.28 lakh crore. While Adani Wilmar jumped 5 per cent to ₹399.40, Adani Transmission increased 5 per cent to ₹1,324.45, Adani Green Energy went up 2.10 per cent to ₹906.15, and Adani Green Energy rose 4.21 per cent to ₹924.90.
Of the 10 listed companies of the Adani group, two were in the red – Adani Total Gas slumped 5 per cent to touch the lower price band of ₹1,467.50, and Adani Power fell 4.99 per cent to the lower price band of ₹173.35. ACC jumped 2.17 per cent to ₹2,012.55, Ambuja Cements gained more than 3 per cent to ₹391.15, and NDTV surged 5 per cent to reach the upper price band of ₹225.35.
On Monday, six of the group companies closed in the red. The combined market capitalisation of the group companies has eroded by ₹9.5 lakh crore since January 24 when the US-based short-seller Hindenburg Research came out with an adverse report. Adani group, on Monday, said that the promoters will pre-pay USD 1,114 million for the release of pledged shares of its firms ahead of the maturity in September 2024. These shares belong to Adani Ports & Special Economic Zones, Adani Green Energy and Adani Transmission.
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The Hindenburg Research report has rattled investor sentiments towards Adani group stocks. In the morning session, the 30-share BSE Sensex shed its early gains and was down 76.15 points to 60,430.75 points.
(With inputs from agencies)
