Adani Enterprises share price rises 25%, Adani Transmission hits upper circuit as Hindenburg effect dims | The Financial Express

Adani Enterprises share price rises 25%, Adani Transmission hits upper circuit as Hindenburg effect dims

Adani Group stocks rose on Tuesday after a freefall of 54% over the last eight trading sessions in the aftermath of the Hindenburg Research report.

Adani Enterprises share price rises 25%, Adani Transmission hits upper circuit as Hindenburg effect dims
The rise in the Adani stocks follows the announcement made by the group on Monday that it will prepay loans backed by pledged shares across group companies Adani Green, Adani Transmission, and Adani Ports.

Adani Enterprises shares surged 25% today, touching an intraday high of Rs 1965.50 on BSE after a freefall of 54% over the last eight trading sessions in the aftermath of the Hindenburg Research report, which accused the Adani group of manipulating stocks and money laundering. The other shares of the Adani group companies too were broadly trading in the green today. Adani Transmission shares were locked in the upper circuit, rising 5% to Rs 1324.45 after the company’s net profit rose 73% on-year to Rs 478 crore, aided by a one-time income of Rs 240 crore from a regulatory order. Adani Ports and Special Economic Zone shares rose 6.35% to Rs 580.70, ahead of its fiscal third quarter results due later today. Adani Green shares rose 2.75% to Rs 912.00; Adani Wilmar shares rose 5% to Rs 399.40; Adani Power Ltd fell 2% to Rs 178.80; and Adani Total Gas slipped 5% to Rs 1467.50.

The rise in the Adani stocks follows the announcement made by the group on Monday that it will prepay loans backed by pledged shares across group companies Adani Green, Adani Transmission, and Adani Ports. Adani Green said that the group promoters have posted as much as $1.1 billion of amount towards prepayment of the share-backed facility ahead of its maturity of September 2024. Adani group has released 12% of the promoter holding in Adani Ports; 3% of promoter holding in Adani Green; and 1.4% of promoter holding in Adani Transmission.

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First published on: 07-02-2023 at 12:14 IST