Adani stocks witness mixed trends in early trade; Adani Enterprises jumps

Shares of Adani group companies witnessed mixed trends in early trade on Monday, with flagship Adani Enterprises surging 10 per cent even as most of the group firms fell, a day after it released a 413-page response to allegations of wrongdoing brought by a US-based short seller Hindenburg Research.

Four of the Adani group companies were in the positive territory, while at least five others were in the red amid a positive trend in the broader market.

Adani Total Gas, Adani Transmission and Adani Green Energy fell up to 17 per cent in morning trade on the bourses.

On the BSE, Adani Enterprises climbed 10 per cent to Rs 3,038.35 apiece and Adani Ports and Special Economic Zone also surged 10 per cent to Rs 658.45.

Read | Rupee falls 10 paise to 81.69 against dollar in early trade

However, five other Adani group firms were trading in the negative territory. Adani Power declined 5 per cent to Rs 235.65, Adani Transmission tumbled 13 per cent to Rs 1,746.70 and Adani Green Energy dropped 11 per cent to Rs 1,320.

Adani Total Gas fell 17 per cent to Rs 2,425 and Adani Wilmar shed nearly 5 per cent to Rs 491.45.

Shares of ACC Ltd jumped 9 per cent to Rs 2,055.10 and that of Ambuja Cements soared 10 per cent to Rs 419.25.

On Friday, the Adani group stocks fell up to 20 per cent and lost more than Rs 4.17 lakh crore from the combined market valuation of listed firms after Hindenburg Research made damaging allegations.

Meanwhile, equity benchmarks, Sensex and Nifty, climbed in early trade on Monday, bouncing back from a two-day sharp fall in the market.

The 30-share BSE benchmark climbed 98.89 points to 59,429.79. The broader NSE Nifty gained 46.35 points to 17,650.70.