'Market driven': Adani Total, Adani Green clarify as shares jump up to 20%

Shares of Adani Group companies surged for the second consecutive session on Monday after the Securities and Exchange Board of India (Sebi) dismissed allegations of stock manipulation raised by US-based short-seller Hindenburg Research against Gautam Adani and group companies.

Following the price surge, stock exchanges sought clarifications from select Adani companies. In response, Adani Total Gas Ltd stated, "We would like to inform that the movement in the share volume/price of the company is purely due to market conditions and absolutely market driven. The management of the Company neither has any control nor has any knowledge of the reasons for the movement in volume/price of shares."

Adani Green Energy Ltd issued a similar statement, echoing that the price movement was “market driven.”

Shares of Adani Total Gas jumped 19.65 per cent to hit a day high of Rs 779.40, while Adani Green Energy climbed 14.15 per cent to Rs 1,177 level.

Earlier, Hindenburg had alleged that Adicorp Enterprises was used to route funds from Adani group companies to listed Adani Power. It claimed that in 2020, four Adani companies extended Rs 620 crore to Adicorp, which then lent Rs 610 crore to Adani Power without disclosure in the financial statements of multiple lenders.

The Sebi order covered Adani Ports & SEZ, Adani Power, Adicorp Enterprises, Gautam Shantilal Adani, and Rajesh Shantilal Adani. After reviewing the matter, the regulator stated it would "dispose of the instant proceedings against Noticees without any direction."

Separately, Dubai-based real estate major Emaar said it is considering a joint venture with large companies in India, including Adani Group, and confirmed it is not pursuing any stake sale in its Indian subsidiary.