Adani Group stocks staged a recovery on November 22, with most of the companies turning green after the previous day’s steep losses, which were triggered by bribery charges in the US against group chairman Gautam Adani.
Key recoveries in Adani Group stocks:
- Adani Enterprises: Up 3.94% at ₹2,268.50 (BSE)
- Adani Ports and SEZ: Up 3.11% at ₹1,149.40 (BSE)
- Adani Green Energy: Up 1.11% at ₹1,159.10 (BSE)
- ACC: Up 4.15% at ₹2,109.95 (BSE)
- Ambuja Cement: Up 4.49% at ₹505.45 (BSE)
- Adani Total Gas: Up 2.07% at ₹614.80 (BSE)
Adani Energy Solutions, however, continued to face selling pressure, declining by 4.19% to ₹668.50 (BSE).
The rebound comes a day after the group saw its market capitalisation plummet by ₹2.2 lakh crore, one of the sharpest declines in its history. The flagship Adani Enterprises lost 23%, while Adani Green Energy and Adani Energy Solutions shed 20% each on November 21.
Background of the sell-off: The massive drop followed allegations by US prosecutors accusing Gautam Adani and other executives of orchestrating a $250 million bribery scheme to secure solar energy contracts in India. The charges, which also include obstruction of justice and misleading US authorities, have sparked heightened scrutiny on the group’s governance practices and financial stability.
Market sentiment: While today’s recovery provides some respite to investors, analysts note that ongoing investigations and legal challenges could weigh on the group’s performance in the near term.
