Mumbai: Shares of Adani Group Companies rallied on Friday, trimming their losses for the week, after a Supreme Court-appointed panel found no conclusive evidence of stock price manipulation, as alleged by US short-sellers. Hindenburg Research,
Flagship Adani Enterprises Limited The court’s findings increased by 3.5%. other group entities like Adani Transmission Ltd, and Adani Power Ltd closed with gains of around 5% each. Adani Ports and Special Economic Zone Ltd jumped 3.5%
Friday’s late-night pullback helped the group narrow its losses for the week to about $4.5 billion, from more than $10 billion earlier in the day, after MSCI Inc pulled the two entities out of its India gauge. The move was weighed and concerns were expressed over the potential dilution. Fundraising plan.
The Supreme Court-appointed panel said the Securities and Exchange Board of India’s monitoring system did not find “any consistent pattern of abusive trading” in major stocks.
Adani Total Gas Lt – one of two stocks to be dropped from the MSCI India gauge later this month along with Adani Transmission – marked its worst week since late February. The value of Adani Transmission has decreased by about 11 percent this week. Brian Freitas, an independent equity analyst published on SmartKarma, previously predicted that the exclusion would trigger approximately $390 million of sales by passive funds.
Flagship Adani Enterprises, the incubator for many of the group’s investments, closed with a 0.4% loss at one point in its worst week since March. The company and its transmission unit last week launched plans to raise $2.6 billion through qualified institutional placement or other means, raising concerns of equity dilution.
stock-selling concern
“If shares in the QIP issue are underpriced, it could be seen as a sign of weakness or desperation,” Arpit Shah, a fund manager at Care Portfolio Managers, wrote via email.
Adani shares are trying to find their footing after allegations of fraud by Hindenburg Research in late January wiped off more than $150 billion from the group’s market value at one point. The stock recovered after GQG Partners moved a vote of confidence in early March buying stake in four of the group’s entities. Market-cap losses currently stand at $122 billion.
Adani has denied Hindenburg’s allegations, taking steps following the report to address investor concerns over debt and corporate governance.
Flagship Adani Enterprises Limited The court’s findings increased by 3.5%. other group entities like Adani Transmission Ltd, and Adani Power Ltd closed with gains of around 5% each. Adani Ports and Special Economic Zone Ltd jumped 3.5%
Friday’s late-night pullback helped the group narrow its losses for the week to about $4.5 billion, from more than $10 billion earlier in the day, after MSCI Inc pulled the two entities out of its India gauge. The move was weighed and concerns were expressed over the potential dilution. Fundraising plan.
The Supreme Court-appointed panel said the Securities and Exchange Board of India’s monitoring system did not find “any consistent pattern of abusive trading” in major stocks.
Adani Total Gas Lt – one of two stocks to be dropped from the MSCI India gauge later this month along with Adani Transmission – marked its worst week since late February. The value of Adani Transmission has decreased by about 11 percent this week. Brian Freitas, an independent equity analyst published on SmartKarma, previously predicted that the exclusion would trigger approximately $390 million of sales by passive funds.
Flagship Adani Enterprises, the incubator for many of the group’s investments, closed with a 0.4% loss at one point in its worst week since March. The company and its transmission unit last week launched plans to raise $2.6 billion through qualified institutional placement or other means, raising concerns of equity dilution.
stock-selling concern
“If shares in the QIP issue are underpriced, it could be seen as a sign of weakness or desperation,” Arpit Shah, a fund manager at Care Portfolio Managers, wrote via email.
Adani shares are trying to find their footing after allegations of fraud by Hindenburg Research in late January wiped off more than $150 billion from the group’s market value at one point. The stock recovered after GQG Partners moved a vote of confidence in early March buying stake in four of the group’s entities. Market-cap losses currently stand at $122 billion.
Adani has denied Hindenburg’s allegations, taking steps following the report to address investor concerns over debt and corporate governance.