Adani Group Shares Witness Mixed Trends in the Stock Market
The Adani Group, facing controversies, witnessed a mixed trend in its shares in the stock market on Tuesday, June 6th. Out of the ten companies listed in the market, five saw a rise in the share price while the other five saw a decline. Adani Transmission’s shares faced the maximum decline of 1.55% and closed at INR 816.10 on the BSE. The media company, NDTV, owned by the group, saw its shares fall by 1.07% to INR 236.20. Adani Wilmer’s shares saw a decline of 0.60% and closed at INR 429.65. Adani Total Gas saw a decline of 0.65% and closed at INR 678.55. Adani Enterprises saw a marginal decline of 0.1% and closed at INR 2,433.70.
On the other hand, the shares of the remaining five companies saw a rise in the market. Ambuja Cements’ shares saw the maximum rise of 4.54% and closed at INR 458.95. ACC’s shares rose by 2.47% and closed at INR 1,855.65. Adani Power’s shares rose by 1.37% and closed at INR 263.00. Adani Ports’ shares rose by 0.89% and closed at INR 745.40. Adani Green Energy’s shares rose by 0.51% and closed at INR 992.85.
The Adani Group had recently announced that it had repaid a loan of $2.65 billion (INR 21,872 crore) ahead of the deadline. The group also stated that it had cleared a debt of $70 million (INR 482 crore) taken during the acquisition of Ambuja Cements. The group took these steps to regain investors’ confidence after Hindenburg Research, a US-based financial firm, had accused the group’s companies of stock manipulation and accounting fraud earlier this year. Although the group had denied the allegations, its share prices had fallen by 83%.
In conclusion, the Adani Group’s shares have seen mixed trends in the stock market due to the controversies surrounding the group. While some shares have witnessed a rise, others have seen a decline. The group has taken measures to regain investors’ trust by repaying loans and clearing debts taken during the acquisition of companies. However, the group’s shares are yet to recover fully from the allegations made by Hindenburg Research.
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