Mumbai: Adani Enterprises Ltd. surged, leading gains in the group’s stocks after the conglomerate’s founders pre-paid some debt and traders covered short positions.
The flagship’s stock rallied as much as 25%, while three of its peers jumped by their 5% limit in early trading. That helped trim the slump in the group’s market capitalization to $112 billion since US-based Hindenburg Research released a report alleging market manipulation and accounting fraud — claims Adani has repeatedly denied. The loss was $118 billion early this week.
The reprieve came as Gautam Adani and his family prepaid $1.11 billion worth of debt in a bid to calm a selloff that sparked fears of a contagion across India’s economy and markets.
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