It’s the Hindenburg Effect on the Adani Group companies. The rally in these stocks have received a further leg-up and stocks are surging between 3-5% intra-day for the third straight day. The flagship company, Adani Enterprises, saw a gain of over 3% in the early hours of Thursday’s trading session. Other companies in the Adani Group also opened on a positive note, fueling optimism in the market.
Adani Group stocks: What’s driving the rally?
This surge comes on the back of several developments, including the closure of Hindenburg Research, which had previously accused the Group of stock manipulation and fraud, In the latest development, Nathan Anderson, the founder of Hindenburg Research, announced that he will disband the firm. Anderson cited the toll the intense nature of the work has taken on his personal life. Hindenburg Research, known for its controversial reports, notably accused Adani Group of stock manipulation and fraud. The fallout from these allegations had led to a staggering loss of over USD 100 billion in market value for the conglomerate.
Growing speculation about Adani Group officials including Gautam Adani and Sagar Adani getting a clean chit in the US bribery case is also adding momentum to the rally.
Also Read: Why are Adani Group stocks rallying as much as 19%? This is because…
Adani Group Stock performance Adani Enterprises
Adani Enterprises, the flagship company of the Adani Group, has seen a rally in its stock price. The shares of the company today opened at Rs 2,500 and hit an intraday high of Rs 2,570. The company’s market capitalisation stands at Rs 2.83 lakh crore. Despite this growth, the stock remains approximately 31.36% below its 52-week high of Rs 3,743.90.
Adani Green Energy
Adani Green Energy’s shares have also opened on a positive note today. In the morning session, the stock was trading at Rs 1,081.55 apiece, up by 4.49%. Over the past five days, the stock has jumped by over 12%.. The company’s 52-week high is Rs 2,174.10 apiece, while its low stands at Rs 870.25 apiece.
Also Read: Adani Green surges 16% in 2 days – What’s powering the rally
Adani Ports
Adani Ports and Special Economic Zone Ltd (APSEZ) has also seen a notable rise in its stock price today.
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