Adani Enterprises shares fall while 3 Adani Group stocks hit upper circuit

Adani Enterprise stocks along with Adani Ports and Special Economic Zone, Adani Wilmar and Adani Power declined during Friday's opening trading session. This was after the three companies were included under the short-term additional surveillance mechanism framework by the NSE from Thursday.

Adani stocks hit upper circuit

While Adani Enterprises fell to Rs 1,850.60 at 9:45 am IST, shares of Adani Green Energy, Adani Transmission and Adani Total Gas hit the upper circuit level of 5 per cent on the BSE.

Why are the shares gaining?

After being in the red for a long time following the January 24 release of US-based short seller Hindenburg Research report, the stocks of Adani Group have recovered significantly in the last few trading sessions. The gains were after US boutique investment firm GQG Partners' invested $1.87 billion in the Adani Group.

Adani pledges shares as securities

Additionally the company has pledged shares as securities for loans that were taken by Adani Group. SBICap in exchange notifications notified that Adani Green Energy Limited has pledged an additional 0.99 per cent shares for the benefits of the lenders of Adani Enterprises. The company has also pledged an additional 0.76 per cent shares in Adani Transmission in order to benefit the lenders. Though the unit of SBI did not give out details of the loans taken by Adani Enterprises for which the pledge was created.

In the report released by Hindenburg Research, the company has been accused of accounting fraud and use of offshore shell companies to inflate stock prices. The Adani group had denied all Hindenburg allegations and called these accusations baseless.