Most Adani group stocks recovered Friday, a day after they took a beating following US Securities and Exchange Commission charges against Gautam Adani, and seven others in a bribery and fraud case. Six of 10 group companies posted gains. However, Adani Green Energy, which had to cancel a $600 million fundraising through US dollar-denominated bonds, slipped sharply again (down 8.2%). The group’s market cap still by Rs 10,383 crore on Friday to Rs 11.9 trillion, a modest decline compared to Thursday’s loss of Rs 2.2 trillion. A section of investors, experts said, are betting on a recovery akin to the rebound after Hindenburg Research’s 2023 report, which initially halved the Adani group’s mcap, before it recovered to Rs 19.4 trillion by June 2024.
Most Adani shares rebound as six of 10 group companies post gains
Post Hindenburgh's allegation, the group's market capitalisation declined to Rs 6.8 trillion on February 27, 2023. But it recovered later
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First Published: Nov 22 2024 | 11:42 PM IST
