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Adani upswell adds 65% to Tuesday's stock market gain
Mint Mumbai
|December 06, 2023
The Adani group was the star of the stock markets on Tuesday, with its 10 listed companies contributing over 65% of the day's overall market gains.
The surge also erased much of the 10 stocks' losses since the explosive Hindenburg report in January. On a day the market gained ₹2.9 trillion, investors in Adani group companies turned wealthier by ₹1.9 trillion, marking the biggest single-day jump in value for the infrastructure conglomerate.
On Tuesday, three Adani stocks shot up 20% each to hit their upper circuit limits Adani Green Energy Ltd (₹1,348.50), Adani Energy Solutions Ltd (₹1,084.40) and Adani Total Gas Ltd (₹878.70). The group's market cap neared 14 trillion on Tuesday. While that is a fair bit away from the ₹19.2 trillion market cap of 24 January, just before Hindenburg hit, the group has still recovered a large chunk of the ₹12.5-trillion fall in market cap it had suffered.
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