Adani Group Stages Comeback At Bourses As Five Stocks Hit Upper Circuit

Eight of the 10 listed Adani Group stocks were surging in the green a day after falling deep in the red. Five of the stocks hit upper circuit.

What Happened: The embattled group’s stocks saw its brief recovery run halted on Tuesday amid a wider market fall. However, the stocks were back in the green in the late hours of trading on Wednesday.

The strong comeback saw three of the group stocks Adani Power, Adani Transmission, and Adani Total Gas jump back up after hitting the lower circuit in the early hours of trading today. Adani Power and Adani Transmission even went on to hit upper circuit along with Adani Green Energy, NDTV, and Adani Wilmar. However, Adani Power and Adani Total Gas slumped back into the red again in the late hours of trading.

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The stocks have been extremely volatile since the Hindenburg report came out. Since then the group has been facing troubles both inside and outside the markets. Just today India’s opposition parties scheduled a protest march over the issue, which was later called off. Opposition parties have been cornering the government over the allegations made by the US-based short seller against the Adani Group.

The country’s capital markets regulator is also probing the allegations.

Price Action: Here is how Adani Group stocks fared in the late hours of trading on Wednesday.

Adani Enterprises shares traded 5.84% higher at ₹1,839.15.

Adani Green Energy was up 5% to hit the upper circuit at ₹741.40.

Adani Ports & SEZ was up 3.83% to trade at ₹679.25.

Adani Power shares slumped 2.91% to ₹198.80.

Adani Total Gas shares crashed 5% to ₹900.45.

Adani Wilmar was up 1.96% to trade at ₹421.90.

Adani Transmission shot up 2.68% to ₹924.80.

Ambuja Cement shares traded 3.50% higher at ₹65.70. ACC shares traded 0.032% lower at ₹1,738.00.

NDTV was up 0.85% to trade at ₹212.85.

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