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MUMBAI: After plummeting almost unabated for more than a month, eight of 10 Adani Group shares made a strong recovery on Tuesday with the flagship Adani Enterprises rallying over 14%. Only two stocks – Adani Total Gas and Adani Transmission – closed lower, locked at the 5% circuit, BSE data showed.
The day’s rally added a little over Rs 30,000 crore to the group’s combined market capitalisation, or about 4.4%, its best day in terms of addition to its market value since February 8, BSE data collated by TOI showed. At the close of trade, the group’s total market cap was Rs 7.1 lakh crore.
All the 10 stocks within the Gujarat-headquartered ports-to-FMCG conglomerate have been losing their value since January 25, a day after US-based short-seller Hindenburg Research published a detailed report alleging stock manipulation, accounting fraud and corporate malfeasance by the group. Although Adani Group denied all allegations in the report, the hammering of its stocks on the bourses has been nearly relentless ever since. On a point-to-point basis, the total loss in market value has been Rs 12.1 lakh crore, translating into about $146 billion.
The gain in Adani stock prices came a day after the group’s top officials made presentations to a host of global investors in Hong Kong. The group is scheduled to meet institutional investors from across the globe over three days ending Wednesday, trying to assuage them that the allegations made by Hindenburg were incorrect and will not have any impact on its business.
LIC reverses slide, up 2%
The stock price of life insurance major LIC that was under pressure for its exposure to Adani Group’s stocks, on Tuesday closed 1.9% higher as most of the stocks from the Gujarat-based conglomerate rallied despite a weak market. On Monday, LIC had touched an all-time low level at Rs 566. On Tuesday it closed at Rs 578.
The day’s rally added a little over Rs 30,000 crore to the group’s combined market capitalisation, or about 4.4%, its best day in terms of addition to its market value since February 8, BSE data collated by TOI showed. At the close of trade, the group’s total market cap was Rs 7.1 lakh crore.
All the 10 stocks within the Gujarat-headquartered ports-to-FMCG conglomerate have been losing their value since January 25, a day after US-based short-seller Hindenburg Research published a detailed report alleging stock manipulation, accounting fraud and corporate malfeasance by the group. Although Adani Group denied all allegations in the report, the hammering of its stocks on the bourses has been nearly relentless ever since. On a point-to-point basis, the total loss in market value has been Rs 12.1 lakh crore, translating into about $146 billion.
The gain in Adani stock prices came a day after the group’s top officials made presentations to a host of global investors in Hong Kong. The group is scheduled to meet institutional investors from across the globe over three days ending Wednesday, trying to assuage them that the allegations made by Hindenburg were incorrect and will not have any impact on its business.
LIC reverses slide, up 2%
The stock price of life insurance major LIC that was under pressure for its exposure to Adani Group’s stocks, on Tuesday closed 1.9% higher as most of the stocks from the Gujarat-based conglomerate rallied despite a weak market. On Monday, LIC had touched an all-time low level at Rs 566. On Tuesday it closed at Rs 578.
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