Adani Enterprises Shares Shine, Hit Upper Circuit After US Agency Finds Hindenburg's Accusations 'Irrelevant'

The share price of different Adani group firms extended a rally for the second day this week, surging up to 20% in intraday trading after the Gautam Adani got another clean chit from a US agency.

US Agency International Development Finance Corp (DFC) has concluded that the accusations against the Guatam Adani-led conglomerate weren't relevant, according to a Bloomberg report. This news reimposed investors' faith in the Indian conglomerate and was one factor that contributed to the stark jump in the share price of Adani group companies in today's intraday trading.

According to the Bloomberg report, a senior US official stated that the US government deemed Hindenburg Research's accusations of corporate fraud against Indian billionaire Gautam Adani irrelevant.

Today, Adani Total Gas shares were up 7.61% at Rs 787.90 per share at 10:48 am IST. Adani Green Energy shares jumped 19% at Rs 1336.40 per share at 10:49 pm IST. The share price of Adani Ports and Adani Power was up 9% and 6.44% respectively at the time of writing this article.

Adani Enterprises shares were up 10.23% at Rs 2788.00 per share at 11:33 am IST. Today, the stock touched the upper circuit of Rs. 2782.20. Prior to this, Adani Enterprises' share price touched touched upper circuit of Rs. 2453.45 on November 28.

The rise in Adani Group stocks pushed its total market capitalization above Rs 12.5 lakh crore during the day.