Adani Group Share Price Continues To Soar, Witnesses 31% Surge In 2 Days – News18

Adani group Group shares continue to make headlines for touching record-high levels in the past two trading sessions. The stock has reportedly recovered nearly three times from its lows of Rs 392 per share. The development comes after a Bloomberg report stated that the Hindenburg allegations were examined by the US and were found to be irrelevant.

As per a report published by Bloomberg, “The US government concluded that short-seller Hindenburg Research’s allegations of corporate fraud against Indian billionaire Gautam Adani weren’t relevant before extending his conglomerate as much as $553 million for a container terminal in Sri Lanka.”

The stocks of Adani Group started soaring high after the Supreme Court reserved its verdict on the probe into the Hindenburg allegations and said that the reports would not be considered as the gospel truth. Following the remark by SC and the funding by the US, a strong rally in the Adani Group stocks has been witnessed since December 4 as these developments came as a positive sign.

It is pertinent to note that Adani Green soared the most, up 31 per cent followed by Adani Energy Solutions, up 27 per cent within two days. Meanwhile, Adani Enterprises and Adani Total Gas also witnessed the stocks rallying 25 per cent each.

The robust gains in Adani stocks resulted in a hike in the overall market capitalisation of the group to nearly Rs 14 lakh crore. the overall market capitalisation of Adani Group stocks was nearly ₹13.88 lakh crore on December 5 whereas in the previous session, it was nearly Rs 11.96 lakh crore. It means that the capitalisation increased by Rs 1.92 lakh crore in a single session.

As per reports, Adani Enterprises rallied over 18.4 per cent in intra-day deals to Rs 2,995.80. It ended 17 per cent higher at Rs 2,960.10. On the other hand, Adani Power also surged 17.4 per cent to Rs 545.85. It ended 15.9 per cent higher at Rs 538.50. Then comes Adani Ports which has advanced over 16.5 per cent to Rs 1,023.90. Notably, it settled 15.15 per cent higher at Rs 1,011.85.