Adani stocks add Rs 30,000-crore market cap despite selling by ETFs

Shares worth Rs 1,200 crore of AEL and Rs 130 crore worth of ACC got offloaded by MSCI trackers; Yet AEL closed 14.2% up, while ACC added over 2%

BS Reporter Mumbai
Photo: Bloomberg

Photo: Bloomberg

Shares of Adani Enterprises (AEL) and ACC posted sharp gains on Tuesday despite selling by exchange traded funds (ETFs) tracking MSCI indices. Shares worth Rs 1,200 crore of AEL and Rs 130 crore worth of ACC got offloaded by MSCI trackers as part of the index rebalancing exercise.

Yet AEL managed to close with 14.2 per cent gain, while ACC added over two per cent. With the exception of Adani Total Gas and Adani Transmission, all the eight Adani group stocks ended with gains following reports that the group plans to repay share-backed loans worth $690 million to $790 million by March-end.

The Adani group also held fixed-income roadshows this week in Singapore and Hong Kong to restore investor confidence following a Rs 12.1 trillion wipeout in market cap since US short seller Hindenburg Research’s report. The group added Rs 30,000 crore in mcap on Tuesday.


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First Published: Feb 28 2023 | 6:36 PM IST

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