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Adani Shares Rose As Market Losses Exceeded $110 Billion

Aria Thomas

Feb 07, 2023 14:29

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Shares of several listed Adani group companies, including its flagship, increased in early trade on Tuesday, while others sank further as the negative impact of a short-report seller's on the Indian conglomerate persisted.


Despite the group's announcement that it will prepay $1.11 billion in loans on shares before their 2024 maturity date, the sell-off continued in several companies. Since Hindenburg Research's analysis was published on January 24th, the stock market value of Adani group's seven publicly traded firms has decreased by $110 billion.


Hundreds of members of India's main opposition Congress party took to the streets on Monday to protest and demand an investigation into Hindenburg's allegations of stock manipulation and use of tax havens by Adani, which the conglomerate has rejected.


According to information published on its website on Monday, the Indian exchange National Stock Exchange of India (NSE) reduced the maximum daily permitted price movement for Adani Green Energy Ltd and Adani Transmission Ltd to 5%.


Adani Green Energy, Adani Total Gas Ltd, and Adani Power shares declined by 5%, while Adani Transmission shares increased by 3.5%.


The main company of the group, Adani Enterprises Ltd, increased by 9.5%, while Adani Wilmar increased by 5%.


In addition, Adani Ports and Special Economic Zone increased by 7.7%.

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