After losing ₹1L cr+ mcap on avg in 8 sessions, Adani stocks surge

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.