Adani Group’s port unit, Adani Ports, has successfully recovered from the stock losses it experienced due to Hindenburg Research’s damaging report in late January. This comes as part of a recent rally in the conglomerate’s stocks, which gained significant momentum on Tuesday. The recovery of Adani Ports is particularly noteworthy as it became the first of the group’s 10 entities to bounce back from the losses triggered by the report. The rally in Adani stocks was prompted by an Indian court panel’s report that found no conclusive evidence of stock-price manipulation, as alleged by US short-seller Hindenburg.
Strong Performance Across Adani Group Stocks
During early trading in Mumbai, all 10 Adani stocks showed positive movement. Shares of Adani Ports and Special Economic Zone Ltd. surged by as much as 7.7%, while flagship company Adani Enterprises Ltd. soared almost 19% following a similar jump on Monday. This rally has been fueled by the Indian court panel’s report that dismissed the allegations of stock-price manipulation. The positive sentiment surrounding Adani Group stocks has extended to other entities as well. Adani Wilmar saw a jump of 9.99%, Adani Power climbed 5%, and Adani Transmission, Adani Green, and Adani Total Gas all rose by 5%. NDTV also experienced a gain of 4.99%. Some Adani Group stocks even reached their upper circuit limits during the morning trade.
Adani Enterprises Soars 18% Following Strong Rally
Adani Enterprises, the flagship company of the Adani Group, witnessed a significant surge of nearly 18% in its stock value on Tuesday morning. This comes as part of the overall positive performance of Adani Group stocks, driven by the court panel’s report that found no evidence of stock price manipulation. The rally in Adani Enterprises’ shares follows a similar jump on Monday, indicating a sustained upward momentum for the conglomerate.
It is worth noting that the recent rally has helped Adani Group’s port unit, Adani Ports, recover all the stock losses incurred due to Hindenburg Research’s report.
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