Adani Group Stocks Gain For The Third Straight Day

All Adani Group stocks advanced in trade on Friday, gaining for three days in a row—a day after its promoters raised Rs 15,446 crore via stake sale.

Adani Enterprises Ltd. and Adani Ports and Special Economic Zone Ltd. were the top Nifty 50 gainers, gaining 16.94% to Rs 1,879.5 per share and 9.91% to Rs 684.65 per share, respectively.

The benchmark Nifty 50 gained 1.57%.

The gains came a day after promoters of the Adani Group raised $1.87 billion, or about Rs 15,446 crore, by selling stakes in four companies on Thursday to U.S.-based investment firm GQG Partners.

The investments were made across Adani Enterprises Ltd., Adani Ports and Special Economic Zone Ltd., Adani Green Energy Ltd., and Adani Transmission Ltd., according to a group statement.

GQG Partners bought 3.39% stake in Adani Enterprises, 4.1% in Adani Ports, 2.55% in Adani Transmission and 3.51% in Adani Green Energy from the SB Adani Family Trust.

GQG Partners is a global equity investment boutique, managing $92 billion worth of client assets as of January.

Separately, the Supreme Court of India directed the market regulator SEBI to expeditiously conclude the investigation pertaining to the Adani-Hindenburg matter within two months and file a status report.

The order comes after Hindenburg Research published a report alleging fraud and stock manipulation by the Indian conglomerate. This led to a wipeout of $100 billion across the group's listed firms.

The conglomerate, while dismissing the claims, had called the allegations "malicious" and aimed at damaging Adani Enterprises Ltd.'s follow-on public offer, which was withdrawn.

Shares of the group's companies have been volatile following this incident.

Disclaimer: Adani Enterprises is in the process of acquiring a 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.