Adani’s stocks swell 20% as US funding firm trashes ‘fraud’ charges

Adani Green Energy (AGEL), in a regulatory filing, said it has secured funding of $1.36 billion from a consortium of international banks as part of its construction financing framework

Adani stocks

New Delhi: Adani Group stocks prices jumped up to 20% on Tuesday after the US funding agency found short-seller Hindenburg Research’s allegations of corporate fraud against the conglomerate ‘irrelevant’.

Reports said that the US International Development Finance Corp, or DFC, has extended the loan to the Adani Group for its port’s project in Sri Lanka after examining the charges levelled by the Hindenburg Research. The DFC found the allegations to be not relevant.

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Buoyed by clearance from Hindenburg reports, all 10 firms of the conglomerate extended their gains for the second straight session this week and breached the total market capitalisation mark of ₹13 lakh crore. Adani Green Energy’s share rose by 20% to ₹1,348 apiece, Adani Energy Solutions went up by 16.38% ₹1,050, Adani Total Gas jumped to 15.81% to ₹847.90, while flagship firm Adani Enterprises’ surged 10.90% to ₹2,805 per share on the Bombay Stock Exchange (BSE) index.

Similarly, Adani Ports and Special Economic Zone (APSEZ) stock went up to 9.47% to ₹961.95, while NDTV’s share rose to 8.49% to ₹244.20, Adani Wilmar jumped by 7.71% to ₹373, and Adani Power rallied 6.68% to ₹495.65 per piece. The Ambuja Cements stock gained 6.17% to ₹503.70 per piece and ACC’s stock too rose by 5.65% to ₹2,133.45 apiece on the BSE.

Also Read: Sebi finds rule violation in Adani Group’s disclosure, foreign funding

The 30-share BSE Sensex was trading 245.75 points or 0.36% higher at 69,110.87 points, while NSE Nifty rose 0.56% to 20,801.90. Both the benchmarks were seen at record high.

The Adani Green Energy (AGEL), in a regulatory filing, announced it has secured a funding of $1.36 billion from a consortium of international banks as part of its construction financing framework. Market analysts said that the $1.36-billion debt will enhance the company’s funding pool to $3 billion since initial project financing in March 2021.

Also Read: Finished probe in Adani Group’s conducts: SEBI to Supreme Court

Adani group shares continued to gain from previous week amid a record breaking rally in the broader market, taking the total market valuation of group companies to close ₹12 lakh crore mark. Stock prices of Adani group companies have been on the rise since last week after the Supreme Court on November 24 reserved its verdict on a batch of petitions seeking examination of allegations of fraud by US-based short seller Hindenburg Research against the firm.

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