Home/ Markets / Stock Markets/  These 3 Adani Group stocks hit upper circuit while Adani Enterprises, others' shares fall

Shares of Adani Green Energy, Adani Transmission, and Adani Total Gas surged to hit the upper circuit level of 5% on the BSE in Friday's opening trading session whereas the conglomerate's flagship company Adani Enterprises fell along with Adani Ports and Special Economic Zone (APSEZ), Adani Wilmar and Adani Power which also declined.

After taking a beating on the bourses following the January 24 report by US-based short seller Hindenburg Research, the group stocks have recovered significantly in the last few trading sessions after the US boutique investment firm GQG Partners' GQG.AX $1.87 billion investment in the Gautam Adani-led conglomerate.

More shares belonging to companies of the embattled Adani Group have been pledged as security for loans taken by the group's flagship firm. SBICap Trustee in notices to stock exchanges said that a further 0.99% shares in Adani Green Energy Ltd were pledged "for the benefits of the lenders" of Adani Enterprises Ltd.

An additional 0.76% shares in Adani Transmission Ltd were also pledged to banks, the trustee said. SBICap, which is a unit of State Bank of India (SBI), however, did not give details of the loans taken by Adani Enterprises for which the pledge was created.

Adani Enterprises, Adani Power, and Adani Wilmar have been included under the short-term additional surveillance mechanism (ASM) framework by the NSE from Thursday, March 9 - after announcing that Adani Enterprises will move out from the short-term ASM framework on March 8.

In the January 24 report, Hindenburg Research flagged substantial debt levels at the group while alleging accounting fraud and use of offshore shell companies to inflate stock prices. The group has denied all Hindenburg allegations, calling them ‘baseless’.

Billionaire Gautam Adani and his family have prepaid all borrowings backed by his conglomerate Adani Group's shares, senior executives told investors at a meeting in London, Bloomberg News reported on Wednesday. The investor meeting was part of a worldwide roadshow launched by the conglomerate aimed at reassuring investors that the conglomerate's finances are under control, the report said.

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Updated: 10 Mar 2023, 09:41 AM IST
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