Shares of all the Adani group firms rebounded sharply on Wednesday, surging up to 20 per cent after it said there were no bribery charges against chairman Gautam Adani and his nephew and that the complaint only directs them to pay monetary penalties.
The conglomerate’s rebuttal triggered a strong relief rally with market experts saying that the statement has allayed some of investors’ concerns.
Among the group stocks, Adani Power zoomed 19.66 per cent to close at ₹523.80 on the BSE, Adani Total Gas was up 19.76 per cent at ₹694.25. The other noteable gainers included Adani Green Energy (10 per cent), Adani Enterprises (11.56 per cent) and Adani Ports by 6.29 per cent. The latter was also the largest gainer in the Sensex pack.
Similarly, Adani Energy Solutions was up 10 per cent, Adani Wilmar 8.46 per cent, ACC 4.26 per cent, Ambuja Cements 4.40 per cent, NDTV 9.35 per cent and Sanghi Industries 4.38 per cent.
Sensex gains
The momentum in the Adani pack powered the Sensex, which rose more than 230 points to end at 80234.08. During the day, it surged 507.09 points to touch a high of 80511.15.
On the NSE, the Nifty rose 80.40 points to 24274.90.
“The markets displayed strong resilience on Wednesday, shrugging off global uncertainties as key indices posted steady gains midway through the session. Positive moves in large-cap stocks such as HDFC Bank, M&M, and Infosys, combined with a sharp rebound in Adani group shares following a clarification on US bribery allegations, helped fuel the market’s upward momentum,’’ Vikram Kasat, head — advisory, PL Capital - Prabhudas Lilladher, said.
At the forex market, the rupee closed weak at 84.45 against the dollar as against the previous close of 84.33 amid demand for the greenback which was attributed to month-end demand from importers even as FIIs were seen making limited purchases in today’s trade.
