The share price of Adani Enterprises climbed over 3% on Tuesday’s trading session after billionaire Gautam Adani-led promoter entity increased its stake in the flagship firm. The stock nearly gained 3.10% to Rs 2,720 per piece on BSE, meanwhile, at BSE, the stock rallied 3% to Rs 2,721 per share.
In terms of trading volume, 1.12 lakh shares of the firm were traded on the BSE during the morning deals and 22.58 lakh shares on the NSE.
Gautam Adani-led promoter group has increased its stake in the group’s flagship firm as the ports-to-energy conglomerate continues to recover from the effects of a report by US short-seller Hindenburg Research.
The promoter group increased its stake in Adani Enterprises by 67.65% to 69.87%, according to the exchange filing. Promoter group firm Kempas Trade and Investment Ltd, which had a minimal stake in the firm, acquired 2.22% in the open market between August 7 and August 18, it said.
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The stake increase comes at a time when US-based boutique investment firm GQG Partners has been buying shares in Adani group firms. The US-based Hindenburg report released in January this year, accused the conglomerate of accounting fraud, stock price manipulation and improper use of tax havens.
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However, Gautam Adani, in Adani Group’s annual general meeting, denied all the allegations by Hindenburg and is reportedly plotting a comeback strategy that includes recasting its ambitions, scrapping acquisitions, pre-paying debt to address concerns about its cash flows and borrowings, and scaling back its pace of spending on new projects.