Tuesday, February 28, 2023, eight out of ten listed firms of the Adani Group are trading in the green with the flagship Adani Enterprises rising nearly 9 per cent as the conglomerate said it plans to prepay or repay share-backed loans worth between $690 million and $790 million by March 2023 end.
The empire, whose business ranges from sea-ports to airports, edible oil and commodities, energy, and cement to data centres, has seen pressure on its stock prices following the 24 January report by US-based short-seller Hindenburg Research labelling charges of stock manipulation and accounting fraud.
Shares of Adani Group’s flagship, Adani Enterprises jumped 8.81 per cent to trade at ₹1,298.60 on the NSE after staging a sharp recovery from intra-day lows.
On Tuesday, Adani’s shares swung between gains and losses, with gains in auto and media stocks were mostly offset by a slide in metals, ahead of the domestic GDP data for the third quarter.
The Nifty 50 index fell 0.13% to 17,370.40, while the S&P BSE Sensex edged 0.10% lower to 59,225.81 as of 11:02 a.m. IST. Both benchmarks traded between 0.3% gains and 0.3% losses during the session.
Most of Adani Group’s firms saw a low in their stock prices on Monday which turned into relief on Tuesday coinciding with their two-day roadshow in Hong Kong.