Adani Group stocks rallied up to 6% on Tuesday after global index provider MSCI removed a freeze on the conglomerate’s securities.
This came as a big relief a day after the latest report by Hindenburg Research soured investors’ mood. The group had earlier rejected the charges made by the US-based short seller as “recycled claims” that were already discredited by the Supreme Court.
Nine out of the 10 Adani stocks bounced back this morning. Adani Energy Solutions saw the sharpest rise at 6.2% while Adani Total Gas rallied 4%. Both Adani Green and NDTV surged 2.5%.
Adani Wilmar and ACC shares also went up around 2%, and Adani Power and Adani Ports surged over 1%. Ambuja Cements was also in the green. Adani Enterprises, the flagship stock of the conglomerate, was the only scrip that was marginally down during the early trade.
MSCI announced earlier in the day it had removed its freeze on the Adani Group and its subsidiary stocks to allow fresh developments in their business operations.
The changes – including those in the number of shares and foreign and domestic inclusion factors of the stocks – will be implemented from August 2024 Index Review, the index provider clarified.
The MSCI, which had dropped Adani Energy and Adani Enterprises from the global standard index earlier this year, will consider the two companies’ fundraises.
The index provider said in a statement it will also keep monitoring the Adani Group stocks, including those related to free-float.
