On Wednesday, all 10 publicly traded stocks of the Adani group experienced a rise for the first time since the release of the Hindenburg Research report. This led to speculation that the troubled infrastructure conglomerate had secured a $3 billion credit line from a sovereign wealth fund in the Middle East.
The largest gains were seen in Adani Enterprises, which rose almost 16% as reported by Mint. While Adani Green and Adani Total Gas hit the 5% upper circuit and trading was halted. The group's total market value increased by ₹46,024.38 crores, with Adani Enterprises accounting for 53% of the increase, following a 14% rally in the previous trading session.
The Adani group's stocks had been steadily declining, eroding investor wealth by three-fifths from ₹19.22 trillion on January 24th to ₹7.58 trillion in March, due to allegations of fraud and price manipulation by US short-seller Hindenburg Research.
However, the Adani Group has refuted these claims, calling them "maliciously mischievous." Despite the recent technical rally, market experts suggest investors should wait for shareholding data for the March quarter before making any investment decisions due to the market's current volatility.
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