New Delhi, Aug 31 (PTI) Adani Group stocks on Monday erased all of their early gains and closed up to 5.3 per cent lower mainly due to profit-booking.

` In morning trade, the stocks had surged up to 7.65 per cent, after the group said it will acquire GVK's stake in Mumbai airport to become the country's biggest private airport operator.

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On the BSE, Adani Power reversed early gains and tumbled 5.36 per cent at close of trade, Adani Green Energy closed 2.30 per cent lower and Adani Ports and Special Economic Zone also dipped 1.84 per cent.

Shares of Adani Enterprises, which gained 3.22 per cent in morning trade, later pared all the gains and declined 3.80 per cent at close of trade.

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GVK Power and Infrastructure jumped 4.89 per cent to Rs 3.43 -- its upper circuit limit. Adani Group on Monday said it will acquire GVK's stake in Mumbai airport to become the country's biggest private airport operator, with a cumulative shareholding to 74 per cent.

According to a regulatory filing, Adani Airport Holdings Ltd (AAHL), the flagship holding company of Adani Group for its airport business, "has entered into an agreement to acquire the debt of GVK Airport Developers Ltd (ADL) in Mumbai International Airport Ltd (MIAL), which will be converted into equity stake.

This conversion would lead to Adani Group getting all of 50.5 per cent stake of GVK Group.

The group will also acquire another 23.5 per cent of minority partners, Airports Company South Africa (ACSA), and Bidvest Group.

"The GVK Group and AAHL have agreed that AAHL will offer a stand-still to GVK, in addition, to release the guarantee given by GVK Power and Infrastructure Ltd with respect to the debt acquired by it," the company said in the filing.

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