Most Adani group stocks rise; Adani Enterprises jumps 14%

Representational image of the logo of the Adani Group
| Photo Credit: Reuters

Most of the Adani group companies rose on Tuesday, with flagship Adani Enterprises gaining 14% in late morning trade.

Amid volatile trading in the market, eight Adani group firms gained while two were in the red.

On the BSE, shares of Adani Enterprises jumped 14.28% to ₹1,797 and Adani Transmission climbed 5% to ₹1,324.45, also its upper price band.

Adani Ports and Special Economic Zone rose 5.79% to ₹577.65, while Adani Green Energy jumped nearly 3% to ₹913.70.

Shares of Adani Wilmar went up 4.99% to hit the upper price band of ₹399.40.

ACC jumped 3.13% to ₹2,031.20, Ambuja Cements climbed 3.20% to ₹391.60, and NDTV surged 5% to reach the upper price band of ₹225.35.

Out of the ten listed companies of the Adani group, two were in the red — Adani Total Gas slumped 5% to touch the lower price band of ₹1,467.50, and Adani Power declined 2.93% to ₹177.10.

On Monday, six of the group companies closed in the red. The combined market capitalisation of the group companies has eroded by ₹9.5 lakh crore since January 24, when the US-based short-seller Hindenburg Research came out with an adverse report.

Adani group, on Monday, said that the promoters will pre-pay $1,114 million for the release of pledged shares of its firms ahead of the maturity in September 2024.

These shares belong to Adani Ports & Special Economic Zones, Adani Green Energy and Adani Transmission.

The Hindenburg Research report has rattled investor sentiments towards Adani group stocks.

In late morning trade, the 30-share Sensex dropped 158.39 points to 60,348.51 points.