Adani Group firms end on mixed note, Adani Wilmar up 5% on weekly closing

Shares of Adani Group firms ended on a mixed note on Thursday after rallying in the morning trade amid volatile trend in the broader market.

Press Trust of India New Delhi
Adani, Gautam Adani

Photo: Bloomberg

Shares of Adani Group firms ended on a mixed note on Thursday after rallying in the morning trade amid volatile trend in the broader market.

Adani Wilmar stock climbed 5 per cent, NDTV rallied 4.99 per cent, Adani Power jumped 4.97 per cent, Adani Ports advanced 1.45 per cent, Adani Enterprises ended 1 per cent higher and Ambuja Cements advanced 0.99 per cent on the BSE.

However, shares of Adani Total Gas tanked 5 per cent, Adani Transmission fell 4.93 per cent, Adani Green Energy dipped 0.69 per cent and ACC declined 0.55 per cent.

In the broader market, the BSE Sensex ended marginally higher by 44.42 points or 0.07 per cent at 61,319.51.

Most of the Adani Group stocks had ended higher on Wednesday.

Billionaire Gautam Adani's embattled conglomerate said its balance sheet is "very healthy" and is laser focused on continuing business momentum, as it looked to reassure investors to keep faith in the group despite a share rout triggered by a damning report by a US short-seller.

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Group CFO Jugeshinder (Robbie) Singh in an earnings call said the group is confident of its internal controls, compliance and corporate governance.

"Our balance sheet is very healthy. We have industry-leading development capabilities, strong corporate governance, secure assets and strong cash flows," Singh said.

The group has been under pressure since the Hindenburg Research on January 24 accused it of accounting fraud and stock manipulation, allegations that the conglomerate has denied as "malicious", "baseless" and a "calculated attack on India".

Listed companies of the group have lost over USD 125 billion in market value in three weeks.

Meanwhile, S&P Global Ratings on Thursday placed its ESG evaluation for Adani Transmission Ltd (ATL) 'under review' following the US short-seller raising governance issues at the group.

When monitoring environment, social and governance (ESG) evaluations, S&P uses the term 'under review' (and the label 'UR') to identify certain ESG Evaluations as being potentially affected by changing events.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Feb 16 2023 | 5:42 PM IST

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