Most of Adani Group stocks bounce back

Shares of eight of the ten listed firms of the Adani Group ended with gains on Tuesday after taking a beating in recent sessions.

Adani Enterprises stock jumped 14.22 per cent to settle at Rs 1,364.05 on the BSE. During the day, it rallied 19 per cent to Rs 1,421.95.

Shares of Adani Ports climbed 5.44 per cent, Adani Green Energy gained 5 per cent, Adani Wilmar rose 5 per cent and NDTV gained 4.99 per cent.

Adani Power advanced 4.98 per cent, Ambuja Cements (3.75 per cent) and ACC (2.24 per cent).

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However, Adani Transmission fell 5 per cent and Adani Total Gas declined 4.99 per cent.

Since January 24 when the US short seller Hindenburg Research came out with its report on the group, all the ten firms have lost Rs 12,07,848.69 crore in market valuation. At current exchange rate, this translates to around $147 billion.

Till Monday, these companies' cumulative market capitalisation had eroded by Rs 12,37,891.56 crore.

In the equity market, the BSE Sensex declined 326.23 points or 0.55 per cent to settle at 58,962.12 points. The NSE Nifty dropped 88.75 points or 0.51 per cent to 17,303.95 points.

"The negative takeaway was that Nifty witnessed drubbing despite Adani Group stocks bouncing sharply higher in today's trade," Prashanth Tapse - Research Analyst, Senior VP (Research) at Mehta Equities Ltd, said.

Nine out of the ten listed firms of the Adani Group closed in the red on Monday, with the flagship Adani Enterprises tumbling over 9 per cent.

Majority of the Adani Group firms had ended lower on Friday as well.

Adani Group stocks have taken a beating on the exchanges after US-based short seller Hindenburg Research last month made a litany of allegations, including fraudulent transactions and share-price manipulation, against it.

The group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements.