Adani Group Shares Witness a Strong Comeback
The shares of Adani Group made a strong comeback on Thursday, June 1, in the stock market. Out of the total 10 companies listed in the market, 8 companies witnessed a rise in their share prices, while one share even touched its upper circuit limit. The shares of Adani Transmission witnessed the highest surge, closing at a price of Rs. 816.40 on BSE, after having touched its upper circuit limit of 5%. Similarly, Adani Total Gas saw a rise of 4.33% and closed at a price of Rs. 693.90.
However, both these shares are currently outside MSCI’s Global Standard Index, which is why they had been witnessing a slump in their prices for the past few days. Nevertheless, the shares of both these companies witnessed a strong surge on Thursday.
Adani Power’s shares also rose by 1.72% to close at a price of Rs. 254.15, while NDTV’s shares rose by 1.62% to close at a price of Rs. 241.05. Adani Wilmer’s shares saw a rise of 1.47% and closed at a price of Rs. 442.00.
Other companies that saw a rise in their share prices include Ambuja Cements, Adani Green Energy, and ACC, which saw their shares rise by 1.33%, 1.02%, and 0.89% respectively.
However, two shares of Adani Group witnessed a fall in their prices on Thursday. Adani Enterprises, which is the group’s main company, witnessed a minor fall of 0.08% and closed at a price of Rs. 2,492.25. Adani Ports, on the other hand, saw a fall of 0.67% and closed at a price of Rs. 732.30.
Earlier this year, Hindenburg Research, a financial firm based in the US, had released a report accusing Adani Group’s companies of stock manipulation and accounting fraud. The group had denied these allegations, but its share prices had fallen by 83% at the time. The shares of Adani Group companies are yet to fully recover from this slump.
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