Adani market capitalisation rises for first time since Hindenburg report

The combined market capitalisation (m-cap) of Adani Group firms rose for the first time since the release of the scathing report by US short-seller Hindenburg Research on January 24. On Tuesday, the m-cap of Adani Group stocks rose Rs 10,000 crore after shedding nearly Rs 9.4 trillion in the previous eight trading sessions.

Shares of flagship Adani Enterprises gained the most at 14.6 per cent. The rise in the group stocks was attributed to the pre-payment of debt and some short covering. The promoters of the conglomerate, on Monday, prepaid loans worth $ 1.11 billion, thus releasing the pledges in Adani Green Energy, Adani Ports, and Adani Transmission. Of the 10 Adani listed stocks, six finished with gains on Tuesday.

On Tuesday, amid concerns over Life Insurance Corporation of India’s exposure to Adani Group companies, the Centre has said that the insurer had strictly followed the statutory framework and regulations while making investments. "LIC has informed (us) that all investments of LIC are carried out strictly as per the statutory framework of the Insurance Act, 1938 and the IRDAI Investment Regulations, 2016 and are guided by a detailed governance mechanism," minister of state for finance Bhagwat Karad told Rajya Sabha in a written reply on Tuesday.