Shares in the Adani group of companies closed mixed on Tuesday, with flagship Adani Enterprises up nearly 15 percent.
The combined market capitalization of the group’s 10 listed companies has shrunk by about 9.2 trillion rupees in the past 10 trading days from Jan. 24, the day US short-seller Hindenburg Research issued a negative report.
On Tuesday, six group companies closed in positive territory. Shares of Adani Enterprises rose 14.63 percent to close at Rs 1,802.50 a share, while Adani Wilmar rose 5 percent to close at Rs 399.40 a share on the BSE.
Shares in Adani Ports & Special Economic Zone closed at Rs 553.30, Ambuja Cements at Rs 383.70, ACC at Rs 1,995.50 and NDTV at Rs 216.95. They all settle with a gain of over 1%.
Manish Chowdhury, head of research at brokerage Stoxbox, said after the poor market performance of Adani Group shares in the past few days, the stocks saw a slight pullback, especially Adani Enterprises, Adani Ports, Adani Wilmar, Ambuja Cements and ACC.
“Other Adani group stocks continued to come under pressure, resulting in a slight improvement in overall market capitalization. Adani group stocks (comprising Ambuja, ACC and NDTV) lost about Rs 9.2 lakh, or about 48% of their combined market in the last ten trading days ( 24 January to 7 February 2023),” he said.
Four companies in the Adani group closed in the red on Tuesday. Adani Power, Adani Green Energy and Adani Total Gas fell 5% each, while Adani Transmission shed 0.77% to close at Rs 1,251.70.
Adani Power closed at Rs 173.35, Adani Green Energy at Rs 843.20 and Adani Total Gas at Rs 1,467.50. The three stocks closed in the lower price range of the BSE.
Deepak Jasani, head of retail research at HDFC Securities, said Adani Group’s shares were mixed due to the results of Ambuja Cements, Adani Green and Adani Ports as well as heated discussions on the group in parliament.
“Adani Enterprises rose sharply, recouping some of last week’s steep losses. Adani Green, Adani Power and Adani Total Gas closed lower on the circuit, with the former two reversing gains earlier in the day, suggesting these stocks rose each time There will be fresh selling pressure on stocks,” he said.
Adani Group said on Monday that promoters will make an upfront payment of US$1.114 billion to release pledged shares in their company before their maturity in September 2024.
The shares belong to Adani Ports & Special Economic Zones, Adani Green Energy and Adani Transmission.
The 30-share BSE Sensex benchmark index closed down 220.86 points or 0.37 percent at 60,286.04 on Tuesday.
(Disclaimer: NDTV is a subsidiary of AMG Media Networks Limited, an Adani group company.)
(Aside from the title, this story is unedited by NDTV staff and published via a syndicated feed.)
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