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Most of Adani Group stocks bounce back

Source: PTI
February 28, 2023 17:58 IST
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Shares of eight of the ten listed firms of the Adani Group ended with gains on Tuesday after taking a beating in recent sessions.

Gautam Adani

Photograph: ANI Photo

Adani Enterprises stock jumped 14.22 per cent to settle at Rs 1,364.05 on the BSE.

During the day, it rallied 19 per cent to Rs 1,421.95.

Shares of Adani Ports climbed 5.44 per cent, Adani Green Energy gained 5 per cent, Adani Wilmar rose 5 per cent and NDTV gained 4.99 per cent.


Adani Power advanced 4.98 per cent, Ambuja Cements (3.75 per cent) and ACC (2.24 per cent).

However, Adani Transmission fell 5 per cent and Adani Total Gas declined 4.99 per cent.

In the equity market, the BSE Sensex declined 326.23 points or 0.55 per cent to settle at 58,962.12 points.

The NSE Nifty dropped 88.75 points or 0.51 per cent to 17,303.95 points.

"The negative takeaway was that Nifty witnessed drubbing despite Adani Group stocks bouncing sharply higher in today's trade," Prashanth Tapse - research analyst, senior VP (research) at Mehta Equities Ltd, said.

Nine out of the ten listed firms of the Adani Group closed in the red on Monday, with the flagship Adani Enterprises tumbling over 9 per cent.

Majority of the Adani Group firms had ended lower on Friday as well.

Adani Group stocks have taken a beating on the exchanges after US-based short seller Hindenburg Research last month made a litany of allegations, including fraudulent transactions and share-price manipulation, against it.

The group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements.

The group companies have suffered a cumulative loss in market value at over $140 billion.

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