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Adani Group stocks turn positive after massive wealth erosion

Mint reported on Sunday that promoter entity Infinite Trade & Investment Ltd invested over  ₹1,100 crore in two Adani Group firms between 10-19 June. (Reuters)Premium
Mint reported on Sunday that promoter entity Infinite Trade & Investment Ltd invested over 1,100 crore in two Adani Group firms between 10-19 June. (Reuters)

  • Adani Ports climbed 7% on Monday, extending gains for a second session.
  • Adani Total Gas, Adani Power and Adani Transmission hit 5% upper circuit. Adani Group flagship firm's scrip Adani Enterprises advanced as much as 6%.

Adani group stocks turn positive after massive wealth erosion in a week amid media reports raising questions about some offshore investor's holdings in the conglomerate's five listed stocks.

Adani Ports climbed 7% on Monday, extending gains for a second session. Adani Total Gas, Adani Power and Adani Transmission hit 5% upper circuit. Adani Group flagship firm's scrip Adani Enterprises advanced as much as 6%.

Mint reported on Sunday that promoter entity Infinite Trade & Investment Ltd invested over 1,100 crore in two Adani Group firms between 10-19 June.

Infinite Trade and Investment put 122.51 crore, 182.51 crore, 174.79 crore, 180.01 crore, 179.82 crore, and 169.04 crore into Adani Green Energy Ltd on various days during that period for a total of nearly 85 lakh shares. It also bought 19.3 lakh shares of Adani Ports & Special Economic Zone worth 126.81 crore on 19 June.

Both the transactions have been done via open market purchases, according to a statement on the BSE.

Adani group shares were under pressure since last week with investors' wealth eroded over $13 billion after the Economic Times reported that National share depository froze the accounts of three Mauritius based funds due to insufficient information on the owners. The bulk of holdings of Albula Investment Fund, Cresta Fund and APMS Investment Fund about $6 billion are shares of Adani's firms.

Although, the Adani group called the report “blatantly erroneous" and said it was done deliberately to mislead the investing community.

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