Adani Group shares extend rally, add Rs 1.7 lakh crore in market value in two sessions
Shares of Adani Group companies continued their upward momentum on Monday, rising sharply for the second straight session after the Securities and Exchange Board of India (SEBI) gave the conglomerate a clean chit in the Hindenburg short-selling case.
The Adani Group's total market capitalisation has increased by Rs 1.7 lakh crore in just two days after the prolonged rally, surpassing the Rs 15 lakh crore mark.
After hitting the 20 per cent upper circuit during the session, Adani Power led the rally and closed at Rs 170. In just two trading days, the stock has gained almost 35 per cent after undergoing a 1:5 split.
Adani Total Gas saw a nearly 20 per cent increase to close at Rs 781, bringing its two-day gain to roughly 27 per cent. Additionally, Adani Green Energy saw a nearly 12 per cent increase on Monday, giving investors a 17 per cent return over two sessions.
Adani Enterprises gained 3.98 per cent to close at Rs 2,624, marking a nearly 10 per cent increase over the same period, while Adani Energy Solutions rose 6.52 per cent to Rs 934, up more than 11 per cent in two days.
Adani Ports increased 1.20 per cent to Rs 1,445, bringing its two-day gain to about 3 per cent. A significant cement subsidiary of the group, Ambuja Cement, also increased by 1.30 per cent to Rs 590, or roughly 2.5 per cent in two sessions.
Meanwhile, the Indian benchmark indices ended in negative territory after a volatile session.
The IT stocks dragged the market in the early trade after the US administration announced $100,000 fee for new H-1B visas. However, the market rebounded quickly, buoyed by GST reforms that came into effect from Monday.
The Sensex ended the session at 82,159.97, down 466.26 points or 0.56 per cent, while Nifty closed at 25,202.35, down 124.70 points or 0.49 per cent.
