Adani Ent shares climb over 3%

New Delhi: Shares of Adani Enterprises Ltd climbed more than three per cent on Wednesday after Abu Dhabi conglomerate International Holding Company (IHC) raised its stake in the Adani group’s flagship firm.

The stock jumped 3.22 per cent to Rs2,464.40 on the BSE. During the day, it rallied 4.76 per cent to Rs2,501.40. On the NSE, it climbed 3.22 per cent to Rs2,464.30. Days after selling its stake in two of Adani group companies, Abu Dhabi conglomerate IHC on Tuesday said it has raised its stake in Adani Enterprises Ltd to above five per cent.

IHC raised its stake from 4.98 per cent to 5.04 per cent through open market purchase, according to a stock exchange filing by AEL. IHC separately said, “this strategic increase reflects IHC’s conviction in the world leading incubation model of AEL.”