Adani Transmission rebounds 18% from 52-wk low, Adani Ports recovers 6%

Adani Transmission's shares staged a quick recovery on Tuesday as the counter witnessed ample buying action at the lower level. The stock kicked off the trading session with a bit cut and opened 10% down, hitting its new-52 week low.

Adani Transmission's shares, however, smartly recovered after the early dents and rallied about 18 per cent from day's low. It was not the only Adani Group stock to script a recovery as a number of other stocks also rose from the early fall.

Shares of Adani Transmission tested a 52-week low of Rs 1,562.55 on Tuesday but jumped 18 per cent from there to Rs 1,836.20 during the session. The stock had settled at Rs 1,710.10 on Monday.

Shares of Adani Transmission hit a 52-week high of Rs 4,238.55 on September 16, 2022 and have lost more than 63 per cent of its value since then. The stock has plunged 32 per cent in the month of January, whereas it has declined about 39 per cent in the last five trading sessions.

Other Adani Group stocks including Adani Ports and Special Economic Zone surged 6 per cent to Rs 621.75 from its day's low at Rs 588.15. Adani Green Energy also tested its 52-week low at Rs 1,073.6, with a 10 per cent cut at open, but recovered 11 per cent to Rs 1,190.50 during the session.

Adani Enterprises, whose Rs 20,000 crore FPO closes for subscription today, extended its gains during the session. The stock jumped 6 per cent to Rs 3045 as the session progressed but had settled at Rs 2,878.50 on Monday. Other stocks such as Ambuja Cement and ACC were also trading firm, rising up to 5 per cent each.

However, there was no relief in the pain for select counters. Adani Total Gas tumbled 10 per cent, whereas Adani Power, Adani Wilmar and New Delhi Television were down 5 per cent each, locked in the seller circuit's limit for the day.

Adani Group stocks have been reeling under the pain after the Hindenburg's report alleging accounting frauds, stock manipulations and money laundering last week led to negative sentiment around them. However, Adani Group refuted the claims and called them 'baseless' in its clarification.
 

Also read: Adani Enterprises shares jump 5% after IHC investment; Adani Total, Adani Green, Adani Wilmar extend fall

 

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