Adani Enterprises shares rise from lows on block deal buzz, other Group stocks also surge

Shares of Adani Enterprises Ltd rose more than 3% to ₹1,613 apiece from lows after it plunged on the BSE in Thursday’s opening deals on reports of a large trade on the flagship company. Meanwhile, other Group stocks such as Adani Ports, Adani Transmission, Adani Green, Adani Power, Adani Transmission also surged.

About 3.5% equity i.e., around 3.9 crore shares of Adani Enterprises worth ₹5,520 crore exchanged hands at an average price of ₹1,408 per share, as per a CNBC-TV18 report. Mint could not independently verify the update.

Shares of eight of the ten listed firms of the Adani Group closed in the positive territory in the last two trading days, after taking a beating in the recent sessions.

Adani Group stocks have taken a beating on the exchanges after US-based short seller Hindenburg Research last month made a litany of allegations, including fraudulent transactions and share price manipulation, against it. The group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements.

The report by CNBC-TV18 added that four Adani Group stocks – Adani Entertainment, Adani Ports, Adani Transmission & Adani Green – have seen a change of hands for 3.1%, 4.1%, 2.5% & 3.5% equity respectively in the pre-opening session today.

Clarifying on the Reuters report of securing $3 billion from sovereign wealth fund, Adani group clarifies that it’s false. According to a Reuters report, India’s Adani Group informed creditors on Wednesday that it had secured a $3 billion loan from a sovereign wealth fund.

Meanwhile, the Supreme Court (SC) is scheduled to pronounce on Thursday its order on a batch of PILs on the recent Adani Group shares crash triggered by the Hindenburg Research’s fraud allegations. A bench of Chief Justice D Y Chandrachud and Justices P S Narasimha and J B Pardiwala is likely to deliver its verdict over setting up of a panel of domain experts for strengthening existing regulatory measures for stock markets.

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