6 Adani Stocks Bounce Back, 2 Still In Red
Adani Enterprises, Ambuja Cements, ACC, Adani Total Gas, Adani Ports and NDTV advanced, while Adani Green, Adani Energy, Adani Power and Adani Wilmar were lagging
6 Adani Stocks Bounce Back, 2 Still In Red
New Delhi: Shares of six Adani group firms bounced back on Friday from the previous day’s sharp drubbing, in tandem with a bull rally in the equity market wherein the BSE benchmark Sensex zoomed 1,961 points.The stock of Ambuja Cements jumped 3.50 per cent, ACC climbed 3.17 per cent, the group’s flagship firm Adani Enterprises advanced 2.16 per cent, Adani Ports rose 2.05 per cent, Adani Total Gas shot up by 1.18 per cent, and NDTV edged up 0.65 per cent on the BSE. In contrast, shares of Adani Green Energy tanked 8.20 per cent, Adani Energy Solutions slumped 6.92 per cent, Adani Power declined 3.23 per cent, and Adani Wilmar slipped 0.73 per cent. On net effect, ever since Hindenburg report jolted the Adani Group in January 2023, till latest US charges, the investors in the 10 Adani stocks lost Rs7 lakh cr ($82.9 bn).
Most of the group stock fell during the morning trade after billionaire Gautam Adani was charged by US prosecutors for allegedly being part of a scheme to pay $265 million (about Rs 2,200 crore) bribe to Indian officials in exchange for favourable terms for solar power contracts. In the equity market, the benchmark indices staged a sharp recovery. The BSE benchmark Sensex jumped 1,961.32 points or 2.54 per cent to settle at 79,117.11, and the NSE Nifty surged 557.35 points or 2.39 per cent to 23,907.25.
Shares of Adani group firms fell sharply on Thursday. The stock of Adani Enterprises had plunged 22.61 per cent, Adani Energy Solutions tanked 20 per cent, Adani Green Energy plummeted 18.80 per cent, Adani Ports dived 13.53 per cent, Ambuja Cements cracked 11.98 per cent, and Adani Total Gas tumbled 10.40 per cent on the BSE. Shares of Adani Wilmar declined 9.98 per cent, Adani Power slumped 9.15 per cent, ACC fell 7.29 per cent, and NDTV dipped 0.06 per cent.
Adani group on Thursday denied charges of paying bribes to secure favourable terms for solar power contracts, saying the allegations by US prosecutors are baseless and the conglomerate is compliant with all laws. It said all possible legal recourse will be sought. “The allegations made by the US Department of Justice and the US Securities and Exchange Commission against directors of Adani Green are baseless and denied,” the group spokesperson said in a statement.
