Shares of most Adani Group companies staged a strong recovery on Monday, rebounding from a steep decline the previous week, as the equity markets experienced a broad rally. The NSE benchmark Nifty 50 surged 1.68%, fueling optimism across the board.
Leading the rebound was Adani Energy, which rose 6.6% in early trade, followed closely by Adani Green with a 4.98% jump and Adani Total increasing 3.57%. Other notable performers included Adani Ports with 3.16% rise, while Adani Entertainment was up 2.83%, and Adani Power up 2.54%.
The group’s market cap grew as much 57,445.02 crore in intraday trade and was at 11.60 lakh crore as of 09:26 a.m.
Last week, Adani Group stocks suffered heavy losses on Thursday before recovering, after US prosecutors levelled bribery allegations against the group’s billionaire founder Gautam Adani and seven others. According to charges from the US Department of Justice and Securities and Exchange Commission, Adani was accused of orchestrating a scheme to bribe to Indian officials $265 million (approximately Rs 2,200 crore) in exchange for favorable terms for solar power contracts.
Adani Group stocks saw stark fall last Thursday after the bribery charges. Adani Enterprises plunged 22.61%, Adani Energy Solutions fell 20%, Adani Green Energy dropped 18.8%, and Adani Ports slid 13.53%. Other group companies, such as Ambuja Cements and Adani Total Gas, also saw significant declines, with drops of 11.98% and 10.4%, respectively.
After the last week’s turmoil, Indian equity market saw strong recovery on Monday. The BSE Sensex surged 1,176.81 points, or 1.49%, reaching 80,293.92, while the NSE Nifty advanced 400.70 points, or 1.68%, to 24,307.95 in early trade.
. Read more on Markets by NDTV Profit.Last week, Adani Group stocks suffered heavy losses on Thursday before recovering, after bribery allegations by US Department of Justice and SEC. Read MoreMarkets, Business
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