Stock prices of Adani Group companies surged up to 17 percent intraday on December 5 following a report that a US agency found the accusations made by Hindenburg Research against the Gautam Adani-led power-to-port conglomerate to be irrelevant.
International Development Finance Corp (DFC) conducted a due diligence investigation before extending the conglomerate a $553-million loan for a container terminal in Sri Lanka, a Bloomberg report said.
A senior US official affirmed that the US government considered Hindenburg Research’s allegations of corporate fraud against Adani inconsequential.
Last traded price (Rs)
Adani Total Gas
Following the update, Adani Enterprises surged more than 9 percent to Rs 2,772.60 on the National Stock Exchange. Its market capitalisation topped Rs 3 lakh crore mark once again. The stock has surged 173 percent from its 52-week low, touched earlier this year following the report that accused the group of stock manipulation and other wrong-doings.
Share price of Adani Green Energy zoomed over 17 percent followed by Adani Ports which jumped over 8 percent. Adani Power and Adani Wilmar added over 5 percent each.
Among other Adani Group companies, shares of ACC jumped 5 percent and NDTV gained over 6 percent.
The combined mcap of Adani Group companies surpassed Rs 14 lakh crore. The conglomerate’s wealth has surged over Rs 1.83 lakh crore in the last week.
Disclaimer: The information provided in this blog post is for informational purposes only and should not be construed as investment or trading advice. The author is not a financial advisor and does not have any professional qualifications in this area. The author does not guarantee the accuracy or completeness of the information provided. Any action you take based on the information in this blog post is done at your own risk. Please consult with a financial advisor before making any investment decisions.
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