Adani Enterprises shares climb over 3%

Adani Enterprises shares climb over 3%

Shares of Adani Enterprises Ltd climbed over 3 per cent on Tuesday after billionaire Gautam Adani-led promoter group increased its stake in the flagship firm.

The stock gained 3.10 per cent to Rs 2,720.65 on the BSE. At the NSE, it climbed 3 per cent to Rs 2,721.

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.

Promoter group has increased stake in Adani Enterprises Ltd from 67.65 per cent to 69.87 per cent, according to a stock exchange filing.

Promoter group firm Kempas Trade and Investment Ltd, which had a minimal stake in the firm, acquired 2.22 per cent in the open market between August 7 and August 18, it said.

The stake increase comes at a time when US-based boutique investment firm GQG Partners has been buying shares in Adani group firms.

The Hindenburg report released on January 24 alleged accounting fraud, stock price manipulation and improper use of tax havens.

Adani Group has denied all allegations by Hindenburg and is 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.