The group’s flagship company, Adani Enterprises, jumped 24.5% from the day’s low to close 14.3% higher at ₹1,363.85. Adani Ports, Adani Green Energy, Adani Wilmar, Adani Power, and NDTV gained 5% each. Ambuja Cements and ACC rose 4% and 2%, respectively. Adani Transmission and Total Gas dropped 5% – the lowest tradeable limit of the day.
The Adani Group market capitalisation gained ₹30,000 crore on Tuesday to ₹7.10 lakh crore.
Adani Group officials have met investors in Singapore and Hong Kong in the past couple of days, according to news agencies. They told investors the group plans to prepay or repay share-backed loans worth between $690 million and $790 million by the end of March this year, according to Reuters. Chief financial officer Jugeshinder Singh told Bloomberg that the conglomerate is not seeking to refinance debt or inject capital.
News that lenders led by the State Bank of India (SBI) conducting an annual review of Adani Enterprises have decided to maintain the status quo on credit limits sanctioned for the company also boosted sentiment.
The conglomerate has lost ₹12.10 lakh crore in market capitalisation since US-based short-seller Hindenburg Research released a report on January 25 alleging fraud and market manipulation. The Adani Group has rejected the claims.
The rout in Adani Group shares since January 25 has pushed its billionaire founder Gautam Adani to 33rd rank from the third in Forbes Real Time Billionaires list. The business tycoon has lost nearly $83 billion of his net worth this year. In September 2022, Adani became the second-richest person in the world, surpassing Amazon founder Jeff Bezos with a net worth of $147 billion.
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