Adani Ent, Adani Ports shares bounce back, other group stocks continue to bleed — catch the latest in Adani-Hindenburg saga

Adani group stocks saw mixed moves on Monday, in some relative respite for investors after two back-to-back sessions of heavy selling.

The stock of Adani Enterprises (ADANIENT) — the flagship company of the Adani conglomerate group surged — gave up most of its intraday gains after rising as much as 10 per cent. Adani Ports (ADANIPORTS) succumbed to red territory after staging a similar move earlier in the day.

Several other stocks of the Adani group — such as Adani Power (ADANIPOWER), Adani Transmission (ADANITRANS), Adani Green Energy (ADANIGREEN), Adani Total (ATGL) and Adani Wilmar (AWL) — remained in the red, amid the ongoing row between the conglomerate and US-based Hindenburg Research.

The Adani group — led by billionaire Gautam Adani — on Sunday released a 413-page response to allegations of wrongdoing by Hindenburg Research.

Adani Power declined as much as five per cent to Rs 235.7 apiece on BSE. Adani Transmission tanked as much as 13 per cent to Rs 1,746.7 and Adani Green Energy slumped as much as 11 per cent to Rs 1,320 apiece. Adani Total Gas fell 17 per cent at the weakest level of the day to Rs 2,425 apiece on the bourse. Adani Wilmar shares fell five per cent to Rs 491.5 apiece at its intraday low.

The stocks of Adani group cement companies ACC and Ambuja saw strong gains.

ACC shares gained as much as nine per cent to Rs 2,055.1 apiece on BSE. Ambuja Cements shares jumped as much as 10 per cent to Rs 419.3 apiece.

On Friday, Adani group stocks fell up to 20 per cent and lost around Rs 4.2 lakh crore of their combined market value following Hindenburg Research allegations. The Adani group dismissed the Hindenburg report, calling it baseless, and saying it is considering whether to take legal action against the US-based firm.

Market regulator Sebi increased scrutiny of deals by the Adani group over the past year and said it it will study the Hindenburg report to add to its own ongoing preliminary investigation into the group’s foreign portfolio investors, news agency Reuters reported citing two sources aware of the matter.

Indian equity benchmarks Sensex and Nifty50 recovered much of their intraday losses in a rebound from Friday's three-month lows.

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With PTI Inputs