Mixed day for Adani stocks

Mumbai: The 10 Adani group stocks on Monday, saw another mixed session with shares of six companies closing lower between 1% and 5% and four ending with gains of 5% each.

At the close of the session, the combined market capitalization of the group went up by Rs 7,435 crore to Rs 9.37 lakh crore.

On Monday, the finance ministry informed the Lok Sabha that capital market regulator, Sebi is undertaking investigation into the market allegations against the Adani group. It, however, added that the volatility in the stocks of these companies “have not had any significant impact at the systemic level”.

Flagship Adani Enterprises was down 1.2%, Ambuja Cements 2.8%, ACC 4.2%, Adani Wilmar 3.9% and NDTV 5%. The gainers were Adani Total Gas, Adani Transmission, Adani Green Energy and Adani Power.

The stocks of companies from the apples-to-airports conglomerate have been on a slide since January 25 after US-based short-seller Hindenburg Research accused it of accounting fraud, stock price manipulation and other corporate malfeasance. The group had denied all the allegations.

In over a month since the report was published, the combined market capitalisation of the group had plummeted by more than 70% but has recovered some of the lost ground since. In the last nine trading sessions, the group’s market capitalisation has risen, BSE data collated by TOI showed.

The mixed trading in the group’s stocks came on a day the sensex lost 897 points or about 1.5% to close below the 59K mark again, at 58,236 points.


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