Adani Group Shares Surge 20% As US Finds Hindenberg Claims “Not Relevant”

Mumbai:

Adani Group stocks jumped up to 20 per cent today following a report that the US agency found short-seller Hinderburg Research’s allegations of corporate fraud against the conglomerate were not relevant.

The US International Development Finance Corp, or DFC, examined the allegations against the Adani Group before extending a loan for the Indian conglomerate’s port project in Sri Lanka, according to reports.

All the 10 firms extended their gains for the second straight session this week and breached the total market capitalisation mark of Rs 13 lakh crore.

On the BSE, shares of Adani Green Energy zoomed 20 per cent to Rs 1,348 apiece, Adani Energy Solutions surged 16.38 per cent to Rs 1,050, Adani Total Gas rallied 15.81 per cent to Rs 847.90, while flagship firm Adani Enterprises bounced 10.90 per cent to Rs 2,805 per share.

Adani Ports and Special Economic Zone (APSEZ) stock jumped 9.47 per cent to Rs 961.95, NDTV climbed 8.49 per cent to Rs 244.20, Adani Wilmar advanced 7.71 per cent to Rs 373, and Adani Power rose 6.68 per cent to Rs 495.65 per piece.

Also, scrip of Ambuja Cements gained 6.17 per cent to Rs 503.70 apiece, and ACC went up by 5.65 per cent to Rs 2,133.45 apiece on the exchange.

Meanwhile, the 30-share BSE Sensex was trading 245.75 points or 0.36 per cent higher at 69,110.87 points, while NSE Nifty rose 0.56 per cent to 20,801.90. Both the benchmarks are at their lifetime peaks.

In a regulatory filing on Tuesday, Adani Green Energy (AGEL) announced it has secured a funding of USD 1.36 billion from a consortium of international banks as part of its construction financing framework.

The USD 1.36-billion senior debt facility will enhance the company’s funding pool to USD 3 billion since initial project financing in March 2021, AGEL said.

On Monday, Adani group shares extended gains from previous week amid a record breaking rally in the broader market, taking the total market valuation of group companies to close Rs 12 lakh crore mark.

Stock prices of Adani group companies have been on the rise since last week after the Supreme Court on November 24 reserved its verdict on a batch of petitions seeking examination of allegations of fraud by US-based short seller Hindenburg Research against the conglomerate.
 

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

(Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani Group Company.)