After bleeding heavily for more than a month, Adani Group stocks finally seem to be on a winning run. Adani group stocks closed yesterday with strong gains, marking the first time that all Adani group stocks have gained since the publication of the Hindenburg Research report.? ?
This is also the first time that all stocks of the Adani Group have gained since the Hindenburg Research report?was published on January 24th.
The group’s flagship, Adani Enterprises, led with a 14.7% gain, while six more closed at the 5% upper circuit level, as per a TOI report.?Adani Group Chairman Gautam Adani too has jumped from the 38th to the 28th rank in the world's richest people list, as per Bloomberg billionaire index.
The strong gains in these stocks came on the back of reports that the group had secured a $3-billion line of credit from sovereign wealth funds. However, Adani Group later denied procuring any such loan.
At the close of Wednesday's session, Adani Group's combined market cap was Rs 7.6 lakh crore, an addition of Rs 44,145 crore in a day, the best single-session gain in its market value since February 8, BSE data collated by TOI showed. In terms of percentage, the 6.2% rise in market value was the biggest gain since January 24. In the last 2 sessions, Adani Group's market capitalisation has risen by about Rs 74,200 crore.
In about a month since the Hindenburg report was published, Adani Group has lost over Rs 12 lakh crore in market value.?In the last two days, there has been some recovery, and by Wednesday's close, the total loss in market value?was at Rs 11.6 lakh crore.
Adani Total Gas has suffered the greatest loss among the group's stocks, with an 82% loss. Other top laggards are Adani Transmission (-76%) and Adani Green Energy (-73%). Adani Ports has lost the least (-21%), followed by ACC (-24%) and Ambuja Cements (-29%).
Also Read:?Meet Nathan Anderson, The Man Behind?Hindenburg?Report
The stock price of LIC, which has fallen in the last couple of weeks and even touched a new all-time low due to its exposure to Adani Group stocks,?rallied over 4% on Wednesday to close above the Rs 600 mark again.?
Last week on Friday, LIC plunged to an all-time low of Rs 566 on the back of reports that, due to the crash in Adani Group's stocks, its equity exposure of Rs 30,100 crore to the group was in the red.??
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