Adani Shares Crawl Back In Green As Heat From Hindenburg Cools

Hindenburg Research's most recent tranche of revelations accused the SEBI chief, Madhabi Puri Buch, of impropriety and said that she and her spouse, Dhaval Buch, had stakes in one of Adani's offshore activities.

Adani Stocks Recover

In the immediate aftermath of this major development, when the markets opened for trade on August 12, the Indian markets were affected. In particular, the Adani stocks, which are the centre of the controversy, were deeply impacted.

Most of the conglomerate's major stocks were trading in negative territory and ended the day's proceedings in red.

A day later, on Tuesday, August 13, most of the group's companies and their shares appear to have made a recovery.

Adani Total Gas Ltd, which was one of the biggest losers in the previous trade session, saw a recovery, and the shares jumped by 2.52 per cent or Rs 21.00, climbing to Rs 855.25 per share.

The Adani Energy Solutions Ltd shares also rose by over 2 per cent before the trading session's halfway mark. The company shares grew by 2.16 per cent or Rs 22.95, taking the overall value of the shares to Rs 1,085.95.

Adani Power also saw its fortunes recover, as the company's shares rose by 0.43 or Rs 2.95, taking the value of the shares to Rs 694.45.

Adani Green Energy shares rose to Rs 1,825.80 per share. This after it made gains of 1.53 per cent or Rs 27.50.

Adani Wilmar shares also recovered from the bloodbath yesterday.

However, despite this bloom in green, the group's flagship, Adani Enterprise, continues to trade in red. The company shares declined by 0.75 per cent or Rs 23.75, taking the overall value to Rs 3,128.00 per share. It is to be noted that company shares have managed to shift the momentum a little, as the company closed with a decline of 46.65 points or 1.46 per cent yesterday.