Shares of most Adani Group companies closed higher on Wednesday, with flagship company Adani Enterprises gaining nearly 20 percent.
Seven of the group companies ended in the plus, while three ended in the red on Wednesday.
In the last two trading sessions, Adani Group companies have recovered about Rs 70,000 crore in combined market capitalization. The group’s shares have lost about Rs 8.7 lakh crore or about 45 per cent of their combined market value since January 24, said Manish Chowdhury, head of research at brokerage firm Stoxbox.
US-based short-seller Hindenburg Research released its negative report on Adani Group on January 24.
On Wednesday, shares of Adani Enterprises rose nearly 23 percent to Rs 2,163, also the highest price range on the BSE. It later ended at Rs 2,158.65 per share, up 19.76 percent.
The market valuation of the flagship company rose Rs 40,601.14 crore to Rs 2.46 lakh crore.
Shares of Adani Ports and Special Economic Zone zoomed 8.34 percent to finish at Rs 599.45. The market valuation of the company rose from Rs 9,969.04 crore to Rs 1.29 lakh crore.
Adani Power closed at Rs 182, Adani Transmission at Rs 1,314.25, DailyExpertNews at Rs 227.75 and Adani Wilmar at Rs 419.35 per share. These firms closed with a 5 percent gain and their closing levels touched the respective upper price ranges on the BSE.
Besides, Ambuja Cements rose 0.17 percent to close at Rs 384.35.
In contrast, three of the Adani group companies closed in the red. Adani Total Gas and Adani Green Energy fell 5 percent each, while ACC fell 1.11 percent to finish at Rs 1,973.35.
Adani Total Gas settled at Rs 1,394.15, the lower price range. Adani Green Energy fell by 4.92 percent to end at Rs 801.75. During the day, the stock fell to a 52-week low of Rs 801.05 from the previous close.
The 30-share BSE Sensex closed Wednesday 377.75 points or 0.63 percent higher at 60,663.79 points.
On Tuesday, six of the group companies closed in green and four in red.
Adani Group said on Monday that the promoters will prepay USD 1,114 million for the release of committed shares of its companies before the expiration date in September 2024. These shares are owned by Adani Ports & Special Economic Zones, Adani Green Energy and Adani Transmission.
(Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani Group Company.)
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