Shares of Adani Group companies continued to attract buyers’ attention on Wednesday as they rebounded for the second straight session following the market rout caused by the Hindenburg report. A research report published by Hindenburg two weeks ago had caused a selling spree of Adani Group companies causing the conglomerate to lose over $100 billion in market capitalisation.
As the group’s recovery on the bourses completed two days, Adani Wimar, Adani Power and Adani Transmission closed at their 5 per cent upper circuits. Adani Enterprises, the group’s flagship firm, gained 23.13 per cent to close at Rs 2,220.
Despite the 20 per cent rebound, Adani Enterprises is still trading more than 30 per cent lower than its market price before Hindenburg published its report on 24 January accusing Adani Group of fraud and market malpractices. Due to the ensuing market rout, the company shelved its fully subscribed Rs 20,000 crore share sale as well.
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Ambuja Cements and ACC, the conglomerate’s holdings in cement sector, closed 0.07 per cent and 0.96 per cent lower respectively. The shares of NDTV, Gautam Adani’s recent media acquisition, did not find any sellers since around noon and closed 4.98 per cent higher at Rs 227.70.
Adani Green Energy and Adani Total Gas turned out to be exceptions to the group’s reversal trend at the market as both of them slumped 5 per cent to close at Rs 802.45 and Rs 1,391 respectively.
Notably, the Q3 results of Adani Power and Adani Wilmar are scheduled to be out later in the day.
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