ATGL: Adani Total Gas shares jump nearly 13% despite market fall; what's driving the surge?

Shares of Adani Total Gas Ltd (ATGL) jumped 12.50 per cent to hit a high of Rs 580.45 in early trade on Thursday, even as domestic benchmarks declined sharply.

Bourses BSE and NSE have placed the securities of Adani Total Gas under the short-term ASM (Additional Surveillance Measure) framework. Exchanges typically place stocks under short-term or long-term ASM frameworks to caution investors about heightened volatility in share prices.

The company also clarified regarding the recent stock price movement, stating that it is "purely due to market conditions and absolutely market driven."

Earlier, Adani Total informed exchanges that some of its gas suppliers have curtailed supply following the escalation in geopolitical developments in West Asia. The company said the reduction has impacted supplies to its industrial customers.

This development comes after the government last week issued an order prioritising the allocation of domestic gas for piped natural gas (PNG) and compressed natural gas (CNG) used in the transport segment. In an exchange filing, Adani Total said it is currently assessing the impact of the Centre's order and taking necessary steps to mitigate any potential impact.

Kranthi Bathini, Equity Strategist at WealthMills Securities, said that Adani Total has been witnessing increased focus on domestic supply amid the ongoing West Asia conflict.

"At present, we are seeing strong buying interest in the stock. Existing investors can consider holding on to their positions," he added.

Ruchit Jain, Head – Technical Research at Motilal Oswal Financial Services Ltd (MOFSL), said, "There have been several occasions where the stock rises for a few sessions, but the follow-up move does not sustain. Instead, we see a continuation of the consolidation or downtrend. Based on that pattern, the current move may just be a pullback. The Rs 660–680 range could act as a resistance zone for the stock. If one has bought it from a trading perspective, it may be advisable to consider booking profits in that Rs 660–680 range."

As of December 2025, promoters held a 74.80 per cent stake in the company.