Latest News | Adani Enterprises Shares Climb over 3 Pc

New Delhi, Aug 22 (PTI) Shares of Adani Enterprises Ltd climbed over 3 per cent on Tuesday after billionaire Gautam Adani-led promoter group increased its stake in the flagship firm.

The stock gained 3.10 per cent to Rs 2,720.65 on the BSE.

Also Read | HPCL Recruitment 2023: Vacancies Notified for 276 Mechanical Engineer and Other Posts, Apply Online at hindustanpetroleum.com.

At the NSE, it climbed 3 per cent to Rs 2,721.

In terms of traded volume, 1.12 lakh shares of the firm were traded on the BSE during the morning deals and 22.58 lakh shares on the NSE.

Also Read | IAF Agniveer Vayu Recruitment 2023: Registration Process To Join Indian Air Force As AGNIVEERVAYU Ends Today, Apply Online at agnipathvayu.cdac.in.

Gautam Adani-led promoter group has increased its stake in the group's flagship firm as the ports-to-energy conglomerate continues to recover from the effects of a report by US short-seller Hindenburg Research.

Promoter group has increased stake in Adani Enterprises Ltd from 67.65 per cent to 69.87 per cent, according to a stock exchange filing.

Promoter group firm Kempas Trade and Investment Ltd, which had a minimal stake in the firm, acquired 2.22 per cent in the open market between August 7 and August 18, it said.

The stake increase comes at a time when US-based boutique investment firm GQG Partners has been buying shares in Adani group firms.

The Hindenburg report released on January 24 alleged accounting fraud, stock price manipulation and improper use of tax havens.

Adani Group has denied all allegations by Hindenburg and is plotting a comeback strategy that includes recasting its ambitions, scrapping acquisitions, pre-paying debt to address concerns about its cash flows and borrowings, and scaling back its pace of spending on new projects.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)