8 Adani Group’s firms finally see a rise in market prices of 9%

On Tuesday, February 28, 2023, eight of the Adani Group’s 10 listed businesses are trading in the green, with the flagship Adani Enterprises up almost 9% as the conglomerate stated it aims to prepay or return share-backed loans between $690 million and $790 million by the end of March 2023.

The empire, whose businesses range from seaports to airports, edible oil and commodities, energy, cement, and data centres, has seen its stock prices fall as a result of a January 24 report by US-based short-seller Hindenburg Research, which accused the company of stock manipulation and accounting fraud.

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After making a remarkable comeback from intra-day lows, shares of Adani Group’s flagship, Adani Enterprises, rose 8.81 percent to trade at Rs. 1,298.60 on the NSE.

Adani’s shares bounced between gains and losses on Tuesday, with advances in car and media firms mainly offset by a drop in metals ahead of third-quarter domestic GDP statistics.

As of 11:02 a.m. IST, the Nifty 50 index was down 0.13% at 17,370.40, while the S&P BSE Sensex was down 0.10% at 59,225.81. During the session, both benchmarks fluctuated between 0.3% gains and 0.3% losses.

The stock prices of the majority of Adani Group’s companies fell on Monday but recovered on Tuesday, coinciding with their two-day roadshow in Hong Kong.