AGM 2023: Adani Group Stocks Rise After Gautam Adani's Speech

Billionaire Gautam Adani on Tuesday asserted that no credit agency internationally cut any ratings of the Adani Group and the Group raised several billions from global investors. Gautam Adani categorically stated that the Hindenburg report was a combination of misinformation and discredited allegations.

Speaking at the AGM of his group companies, he said that on the eve of Republic Day this year, US-based short-seller Hindenburg Research published a report to short group stocks just as it was planning to launch the largest Follow-on Public Offering in India's history, according to a PTI report.

Meanwhile, shares of Adani Group stocks witnessed a surge after Gautam Adani's speech at the AGM 2023. Current market price of Adani Enterprises Ltd is Rs 2426.05 per share after intraday gain of 0.74%. Adani Transmission Ltd shares spiked 1.94% till 11:56 am to Rs 784.85 per share.

Adani Green Energy Ltd shares surged 1.49% intraday and currently the stock is trading at Rs 978.60 per share. Adani Wilmar shares witnessed a rally of 1.07% till 11:58 am to Rs 406.80 per share intraday. Adani Power Ltd shares rose by 0.83% till 11:59 am and currently trading at Rs 247.80 per share.

"The report was a combination of targeted misinformation and discredited allegations, the majority of them dating from 2004 to 2015.

"They were all settled by the appropriate authorities at that time. This report was a deliberate and malicious attempt aimed at damaging our reputation and generating profits through a short-term drive-down of our stock prices," he said.

Subsequently, despite a fully subscribed FPO, the group decided to withdraw and return the money to investors to protect their interests, added the PTI report.