In line with a bull rally in the equity market, which saw the BSE benchmark Sensex rise 1,961 points, shares of six Adani group companies recovered on Friday from the severe beating they had suffered the day before.
The stock of Ambuja Cements jumped 3.50 percent, ACC climbed 3.17 percent, the group's flagship firm Adani Enterprises advanced 2.16 percent, Adani Ports rose 2.05 percent, Adani Total Gas shot up by 1.18 percent, and NDTV edged up 0.65 percent on the BSE.
Shares of Adani Green Energy, Adani Energy Solutions, Adani Power, and Adani Wilmar fell 8.20 percent, 6.92 percent, 3.23 percent, and 0.73 percent, respectively.
Most of the group stock fell during the morning trade after billionaire Gautam Adani was charged by US prosecutors for allegedly being part of a scheme to pay USD 265 million (about Rs 2,200 crore) bribe to Indian officials in exchange for favourable terms for solar power contracts.
In the equity market, the benchmark indices staged a sharp recovery. The BSE benchmark Sensex jumped 1,961.32 points, or 2.54 percent, to settle at 79,117.11, and the NSE Nifty surged 557.35 points, or 2.39 percent, to 23,907.25.
Shares of Adani Group firms fell sharply on Thursday.
The stock of Adani Enterprises had plunged 22.61 percent, Adani Energy Solutions tanked 20 percent, Adani Green Energy plummeted 18.80 percent, Adani Ports dived 13.53 percent, Ambuja Cements cracked 11.98 percent, and Adani Total Gas tumbled 10.40 percent on the BSE.
Shares of Adani Wilmar declined 9.98 percent, Adani Power slumped 9.15 percent, ACC fell 7.29 percent, and NDTV dipped 0.06 percent.
The Adani group on Thursday denied charges of paying bribes to secure favourable terms for solar power contracts, saying the allegations by US prosecutors are baseless and the conglomerate is compliant with all laws.
Adani group said all possible legal recourse will be sought.
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