MUMBAI: After plummeting practically unabated for more than a month, eight of 10 Adani Group shares made a strong healing on Tuesday with the flagship Adani Enterprises rallying over 14%.
Just two stocks - Adani Total Gas and Adani Transmission - closed lower, locked at the 5% circuit, BSE information showed.The days rally added a little over Rs 30,000 crore to the groups combined market capitalisation, or about 4.4%, its finest day in terms of addition to its market value considering that February 8, BSE information looked at by TOI showed.
At the close of trade, the groups total market cap was Rs 7.1 lakh crore.
All the 10 stocks within the Gujarat-headquartered ports-to-FMCG corporation have been losing their worth considering that January 25, a day after US-based short-seller Hindenburg Research published a detailed report alleging stock manipulation, accounting scams and corporate impropriety by the group.
Although Adani Group rejected all allegations in the report, the hammering of its stocks on the bourses has actually been almost relentless ever since.
On a point-to-point basis, the total loss in market value has been Rs 12.1 lakh crore, translating into about $146 billion.
The gain in Adani stock costs came a day after the groups top officials made discussions to a host of worldwide investors in Hong Kong.
The group is scheduled to satisfy institutional financiers from across the globe over three days ending Wednesday, attempting to lighten them that the claims made by Hindenburg were inaccurate and will not have any effect on its business.
LIC reverses slide, up 2%The stock price of life insurance major LIC that was under pressure for its exposure to Adani Groups stocks, on Tuesday closed 1.9% higher as most of the stocks from the Gujarat-based conglomerate rallied in spite of a weak market.
On Monday, LIC had actually touched an all-time low level at Rs 566.
On Tuesday it closed at Rs 578.
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