Experts attribute the recovery in some Adani Group stocks to Total Energies’ optimistic statement & its significant ownership stake in a few businesses managed by Gautam Adani. Adani Enterprises stock recovered 1.25 percent to settle at ₹1,584.20 per share on the Sensex.
Four Adani Group companies’ shares recovered after taking a significant beating over the previous six days, with many trading near their lower circuit limits, including Adani Enterprises and Adani Ports.
Which Adani Group firms’ stock recovered?
- Adani Enterprises stock recovered 1.25 percent to settle at ₹1,584.20 per share on the Sensex.
- Adani Ports also bounced back by 7.98 percent to ₹498.85.
- Ambuja Cements rallied 6.03 percent
- ACC climbed 4.39 percent
Which Adani Group firms’ stock still suffers?
- Adani Transmission shares plunged 10 percent
- Adani Green Energy shares dipped 10 percent
- Adani Power shares plunged 5 percent
- Adani Total Gas shares fell 5 percent
- Adani Wilmar shares dipped 4.99 percent
- NDTV shares dropped 4.98 percent
According to experts, the recovery in some Adani Group stocks can be attributed to TotalEnergies’ confident statement, which has significant stakes in a couple of Gautam Adani-led firms.
TotalEnergies, a French energy conglomerate with a 37.34% stake in Adani Total Gas Ltd and a 20% stake in Adani Green Energy Ltd, stated. It claimed that it had not reevaluated its holdings as a result of stock price fluctuations in the aftermath of fraud allegations. It also stated that the investments in Adani group entities were made in full compliance with Indian laws and by its internal governance processes.
After a Hinderburg Research report claimed the Adani Group engaged in stock manipulation and numerous financial fraud, the conglomerate lost $120 billion when all of its stocks declined, wiping out more than half of their total worth. Adani Group has since dismissed the allegations as false.