Mumbai: After an eight-session rout, most Adani Group stocks staged a comeback on Tuesday with some hitting the upper circuit limits. At close of day’s trading, the group’s total market value showed a marginal uptick of Rs 11,506 crore — Adani Group’s market cap had been falling by over Rs 1 lakh crore on average in the last 8 trading sessions thanks to the Hindenburg Research report.
At Tuesday’s close, the stock price of group flagship Adani Enterprises was up nearly 15%, Adani Wilmar 5%, Adani Ports, that announced its quarterly numbers during the day, closed 1% higher. NDTV, ACC and Ambuja Cements too closed about 1% higher. On the other hand, Adani Total Gas, Adani Green and Adani Power closed at the 5% lower circuit, and Adani Transmission fell nearly 1%.
Since January 25, a day after the US-based short-seller Hindenburg Research published a scathing report on Adani Group, alleging fraud, stock price manipulation and corporate malfeasance, stock prices of all the 10 group companies had been in a freefall. Some group stocks have lost up to 60% of their value since the report was published late on January 24. Currently, the group’s market cap is below the Rs 10-lakh-crore mark, from about Rs 19.2 lakh crore on January 24, BSE data showed.
The slide in the stocks came despite a vehement denial from the group about any wrongdoing as was alleged in the Hindenburg Research report.
Stay updated with the latest news on Times of India. Don't miss daily games like Crossword, Sudoku, and Mini Crossword.Reeba Zachariah is assistant corporate editor at The Times of Ind...
Read MoreReeba Zachariah is assistant corporate editor at The Times of India, Mumbai. She has been covering large Indian business houses such as the Tata Group. She also reports on a host of sectors like hospitality, retail, travel, liquor and consumer durables. She has been writing on mergers and acquisitions and private equity.
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