HomeMarketsIndian Markets8 Adani Group's firms finally see a rise in market prices of...

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

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.

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