Majority of Adani group firms rebound; shares of Adani Energy jumps 6%, Adani Total surges 4%

Team Udayavani, Aug 13, 2024, 10:51 AM IST

New Delhi: Shares of nine of the ten Adani group firms bounced back in early trade on Tuesday, a day after the stocks witnessed a sharp decline on the bourses.

On Tuesday, the stock of Adani Energy Solutions witnessed a sharp rebound and jumped 6 per cent, Adani Total Gas surged 4 per cent, NDTV went up by 2.56 per cent and Adani Green Energy climbed 2.55 per cent on the BSE.

Shares of Adani Wilmar went up 2.15 per cent, ACC (1.93 per cent), Adani Power (1.74 per cent), Adani Ports (1 per cent) and Ambuja Cements (0.43 per cent).

Adani Enterprises traded marginally lower during the early trade.

On Monday intra-day trade, the group firms faced drubbing after the US short-seller Hindenburg Research alleged that Sebi chairperson Madhabi Puri Buch and her husband had undisclosed investments in obscure offshore funds in Bermuda and Mauritius, the same entities allegedly used by Vinod Adani to round-trip funds and inflate stock prices.

Hindenburg on Saturday evening alleged that a conflict of interest is preventing Sebi chairperson Buch from doing a thorough probe into allegations against Adani group. Buch as well as Adani group issued strong denials on Sunday.
Buch and her husband issued a statement calling Hindenburg’s latest tirade as an attack on the credibility of Sebi and attempted “character assassination”.

Buch and her husband Dhaval Buch in a joint statement on Sunday said the investments were made in 2015, well before her appointment as a whole-time member of Sebi in 2017 and the subsequent elevation as chairperson in March 2022, and in capacity as “private citizens living in Singapore”.

These funds became “dormant” on her appointment in Sebi.

Adani Group on Sunday termed Hindenburg Research’s latest allegations as malicious and manipulative of select public information, saying it has no commercial relationship with the Sebi chairperson or her husband.