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After recording a 52-week low of ₹1,017 per share on Friday, February 3, shares of Adani Enterprises Ltd have been rising, gaining 112% to the current market price of ₹2,164.25 apiece.
The stock over the last four trading session – from the closing price of last Thursday – has gained 38.27%.
After hitting a 52-week low on Friday, the shares of the company recovered and gained 56% on the same day as investors regained confidence in the stock.
Today, shares of the company closed 20% higher, gaining a market cap of ₹39,382 crore. Since February 2, the company has gained market cap of ₹65,291 crore.
Shares of Adani Ports & Special Economic Zone Ltd too have been rising for the last four trading sessions, gaining nearly 30%. The shares of the company closed 8.3% higher today with the market gap gains of ₹12,378 crore.
Adani Enterprises and Adani Ports were among the top gainers on the Nifty today.
Adani Power Ltd snapped a nine-day loosing streak and rallied 5% today, while Adani Wilmar Ltd was locked in 5% upper circuit for the second consecutive trading session.
Market cap of seven Adani Group companies as on Wednesday
| Scrip Name | Closing price on 7/02/2022 | Closing price on 8/02/2022 | % change | Market cap as on 7/02/2022 | Market cap as on 8/02/2022 | Change in market cap |
| Adani Power | 173.25 | 181.9 | 5% | 66,701 | 70,032 | 3,330 |
| Adani Enterprises | 1,802.95 | 2,164 | 20% | 196,522 | 235,903 | 39,382 |
| Adani Total Gas | 1,464.2 | 1,391 | -5% | 159,598 | 151,619 | -7,979 |
| Adani Transmission | 1,252.2 | 1,315 | 5% | 137,617 | 144,497 | 6,880 |
| Adani Green Energy | 844.65 | 802 | -5% | 131,765 | 125,182 | -6,583 |
| Adani Ports & Special Economic Zone | 553.15 | 599 | 8.33% | 148,521 | 160,899 | 12,378 |
| Adani Wilmar | 398.9 | 419 | 5% | 51,458 | 54,025 | 2,567 |
| Total | 892,182 | 942,156 | 49,975 |
On the BSE, shares of Adani Enterprises recorded a high of ₹2,220.90 and a low of ₹1,843.90, Adani Ports & Special Economic Zone recorded a high of ₹605 and a low of ₹564.25, Adani Power recorded a high of ₹182 and a low of ₹170.85, Adani Transmission recorded a high of ₹1,314.25 and a low of ₹1,273.70, and Adani Wilmar recorded a high of ₹419.35 and a low of ₹408.10 on Wednesday.
However, analysts expect this to be a short-term bounce.
Shares of Adani Total Gas Ltd have been trading lower for the past 10 sessions, while shares of Adani Green Energy Ltd rallied about 3% on January 31 but otherwise has been in the red zone since January 24.
In Wednesday's trading session, Adani Total Gas lost market cap of ₹7,979 crore, and Adani Green Energy lost ₹6,583 crore.
However, the Adani Group companies collectively have gained ₹49,975 crore in market cap on Wednesday.
"Amid ongoing volatile in the market, Adani group stocks are in action trading in green zone after news stating that the promoters are committed to reduce by pre-paying USD 1,114 million and release pledged shares of its firms ahead of the maturity in September 2024. These pledged shares belong to Adani Ports & Special Economic Zones, Adani Green Energy and Adani Transmission. We assume that such moves soothe investors’ concern on the group’s balance sheet post Hindenburg report," said Prashanth Tapse, Research Analyst, Sr VP Research, Mehta Equities.
Hindenburg Research released on January 24 accused Adani Group of participating in manipulation of stock prices and accounting fraud.
Reacting to the report the next day, Adani Group released a media statement where the company said that it was shocked that Hindenburg Research had published a report “without making any attempt to contact the company or verify factual matrix”.
On Thursday, February 2, Adani Enterprises called off its follow on public offering (FPO). The company in an exchange filing said that due to unusual circumstances and the current market volatility, it wants to safeguard the interest of its investors base by returning the FPO funds and cancelling the complete transaction.
The company had plans to to raise ₹20,000 crore through its FPO, and wanted to utilise the net proceeds to pay debts (in full or in part) and cover some of the company's subsidiaries' capital expenditure needs.
However, following Hindenburg Research's allegation on the Indian giant, the shares of Adani Group companies have fallen sharply, losing thousands of crores in market cap.