The Adani Group stocks gained for a second day on Wednesday after the company took a host of measures to restore investor confidence and ease concerns around its leverage.
Seven out of 10 stocks of the group finished with gains - with the flagship Adani Enterprises (AEL) rallying the most, at nearly 20 per cent.
AEL, which withdrew its ₹20,000-crore share sale earlier this month despite garnering full subscription, is now up 37 per cent in two days, recouping half the losses it saw after US short-seller Hindenburg Research released a scathing report, alleging financial irregularities in the group. Among steps taken to revive confidence include Gautam Adani and his family prepaying $1.11 billion worth of debt, a vow to improve capital structure of Adani Ports & SEZ (APSEZ) and conducting an independent assessment into the issues of related party transactions. Shares of APSEZ rose 8.3 per cent.
This story is from the February 09, 2023 edition of Business Standard.
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This story is from the February 09, 2023 edition of Business Standard.
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