Adani Green Energy Limited's share price has surged by 60.66% over the last four days. On Monday, the company's stock continued its upward trend, jumping 9.09% to reach Rs 1,445 on the BSE during morning trade. This growth follows a period of volatility after serious allegations were levelled against the Adani Group, which had significantly impacted the market capitalisation of its listed entities.
The recent surge in Adani Green Energy shares is attributed to positive statements from Adani Group Chief Financial Officer, Jugeshinder Singh. He revealed that the group plans to revisit its dollar bond issuance, which could materialise between April and June next year. Additionally, other companies within the group may explore the option of issuing public bonds within the same timeframe. Adani Green Energy had previously shelved its $600 million bond plan amid allegations of bribery from US officials, which the group firmly denied as baseless.
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Despite these controversies, CRISIL has maintained its strong ratings for Adani Group companies, citing adequate liquidity and operational cash flows to manage debt repayments in the medium term. This confidence has helped boost investor sentiment.
Adani Group shares have faced significant turbulence since the Hindenburg report surfaced, leading to considerable fluctuations. Over the past six months, the share price of Adani Green Energy has declined by 30.70%, underscoring the company's volatile journey in the market.