Adani Group stocks showed impressive growth for the second consecutive day on Thursday, November 28, amidst a volatile stock market. Adani Green Energy Limited led the charge, registering a nearly 10% gain in value. Adani Enterprises also witnessed a substantial rise, trading at Rs 2,491 with a 3.89% increase, while Adani Power climbed by 8.63%, trading at Rs 568.20.
Early trading sessions showed positive trends across other Adani companies. Adani Ports gained 1.83%, Adani Total Gas Ltd soared by 8.85%, and Adani Wilmar rose by 2.62%. Adani Energy Solutions also saw a 10% surge, with its shares trading at Rs 723.45. Shares of ACC and Ambuja Cement increased by 0.89% and 0.55%, respectively, while NDTV recorded a near 2% rise. Sanghi Industries shares also climbed by 1.5%, trading at Rs 82.89.
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The rally comes amidst challenges posed by rating agencies. Moody’s downgraded the credit outlook of seven Adani companies from 'stable' to 'negative,' citing allegations of bribery involving some officials. Meanwhile, Fitch Ratings placed certain group bonds under negative watch.
Despite these setbacks, Adani Group shares gained momentum after clarifications regarding the bribery allegations. Gautam Adani, the group’s chairman, and Sagar Adani, a key executive, were not named in the case. Former Attorney General Mukul Rohatgi also confirmed that neither Gautam Adani nor Sagar Adani faced charges in any of the five counts alleged.
The optimism following these clarifications has bolstered investor confidence, driving the surge in Adani Group stocks. As the market continues to react, these developments could significantly shape the group's performance in the near term.