Several investors rushed to buy Adani shares lifting the Group’s market capitalization by Rs 1.2 lakh crore or 10% in a single trading session.
Several reports have emerged clarifying ‘No Bribery’ charge against Gautam Adani, his nephew Sagar Adani, and Vneet Jaain giving the street sufficient reasons to jump into Adani Group shares which had corrected over the past few days.
Two of the Adani Group companies—Adani Power and Adani Total Gas hit the upper circuit of 20%, while shares of other group companies including the group’s flagship company Adani Enterprises ended 11.6% higher over the previous day’s close.
Other three major Adani group companies Adani Green Energy and Adani Energy Solutions also closed at upper circuit limits of 10% each.
Adani Ports & SEZ—India’s largest ports player closed 5.9% higher. The stocks of the group’s cement businesses Ambuja and ACC closed 4.55% and 4.05% each.
Adani Group has a total of 11 listed companies—spread across energy and power sectors, transport and logistics sectors and metal and material sectors.
The conglomerate, which is India’s largest infrastructure player is at the forefront of building world-class infrastructure for India.
In the recent past, Adani group has ventured overseas in Israel, Africa, Bangladesh, Australia, among several others to create some footprint for India and directly competes with the US and China. However, the group has been consistently targeted, including the recent indictment by the US Department of Justice.
On Wednesday, the narrative reversed after renowned lawyers including Mukul Rohatgi and Ram Jethmalani clarified that there are no ‘Bribery’ charges against Adani group or any of its officials, leading to a complete change of narrative.
- Adani shares lead the market Rally
| Adani Co. | Closing Price | Mcap (Rs cr) | Mcap Gain(Rs cr) | Gain in % |
| AEL | 2399 | 273488 | 26465 | 11% |
| AESL | 660.8525.15 | 73705.63 | 6681.25 | 10% |
| APL | 525.15 | 202545.1 | 33323.62 | 20% |
| AGEL | 988.4 | 158562 | 14240.16 | 10% |
| APSEZ | 1195.5 | 258240 | 13824.64 | 6% |
| ATGL | 695.3 | 76469.1 | 12460.73 | 20% |
| AWL | 314.6 | 40887.89 | 3145.22 | 8% |
| ACL | 515.95 | 102447 | 4358.39 | 4% |
| ACC | 2202.95 | 41353.6 | 1615.08 | 4% |
| NDTV | 2202 | 750.6 | 58.38 | 8% |
| Total | 180 | 1226447 | 116172.57 | 10% |
- In the recent period
Reports of No Bribery Charges by US DoJ, Lifts Adani’s Mcap by 10%; Investors rush to With various reports suggesting of No Bribery Charges against Adani Group’s Mcap gains 10%–up by INR 1.2 lakh crore in Day