Four Adani Group companies’ shares, including Adani Enterprises and Adani Ports, recovered on Friday after taking a significant beating over the previous six days, with many trading near their lower circuit limits.
Which Adani Group firms’ stock recovered?
1. Adani Enterprises stock recovered 1.25 per cent to settle at ₹1,584.20 per share on the Sensex.
2. Adani Ports also bounced back by 7.98 per cent to ₹498.85.
3. Ambuja Cements rallied 6.03 per cent
4. ACC climbed 4.39 per cent
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Which Adani Group firms’ stock still suffers?
1. Adani Transmission shares plunged 10 per cent
2. Adani Green Energy shares dipped 10 per cent
3. Adani Power shares plunged 5 per cent
4. Adani Total Gas shares fell 5 per cent
5. Adani Wilmar shares dipped 4.99 per cent
6. NDTV shares dropped 4.98 per cent
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Experts say that the recovery in some of the Adani Group stocks can be attributed to the confident statement by TotalEnergies, which has major stakes in a couple of Gautam Adani-led firms.
French energy giant TotalEnergies, which has a 37.4 per cent stake in Adani Total Gas Ltd and a 20 per cent holding in Adani Green Energy Ltd, issued statement on Friday. It claimed that it had not reevaluated its holdings due to the fluctuation in stock prices in the aftermath of fraud allegations. It added that the investment in Adani group entities were undertaken in full compliance with the Indian laws and following its own internal governance processes.
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The conglomerate lost $120 billion when all of its stocks declined, wiping off more than half of their total worth, after a Hinderburg Research report claimed the Adani Group has engaged in stock manipulation and numerous financial fraud. Adani Group has since dismissed the charges as lies.
(Inputs from Wire)