Adani Group stocks rise up to 20%, amid new twist in Hindenburg row

Adani Group stocks witnessed a meteoric rising up to 20 per cent, after news agency Bloomberg reported that a US government agency found short seller Hindenburg Research's allegations against the Adani Group "irrelevant".

Shares of the flagship firm Adani Enterprises Ltd (AEL) rose over 18 per cent to ₹ 2,995.80 before settling at ₹ 2,960.10. AEL's total market capitalisation reached the ₹ 3.40 lakh crore mark once again, and the stock surged about 200 per cent from its 52-week lows.

Adani Ports and Special Economic Zone Ltd rose some 17 per cent to reach new 52-week highs at ₹ 1,023.90; it ended at ₹ 1,011.85, up 15 per cent. The stock has gained 160 per cent from its 52-week lows.

Adani Wilmar climbed 10 per cent to ₹ 380.90 on Tuesday, with a total market capitalisation of ₹ 50,000 crore. Adani Energy Solutions Ltd hit an upper circuit of 20 per cent to ₹ 1,082.60. Adani Power Ltd gained 16 per cent to ₹ 538.50. Adani Total Gas shares gained some 20 per cent to ₹ 878.20, with valuation nearly ₹ 1 lakh crore.

In fact, all the five top gainers on BSE were group stocks like Adani Enterprises, Adani Green, Adani Total Gas, NDTV and Adani Enterprises. Even in Nifty50, its flagship company Adani Enterprises and Adani Ports & SEZ were the two top gainers. The combined market cap of group companies crossed ₹13 lakh crore in today’s trade.