Adani group shares surged on Tuesday, a day after it moved to prepay some loans, in a relief rally for the Indian conglomerate that lost more than $113 billion in market value in two weeks since a U.S. short-seller's critical report was published.
$1.11 billion of loans on shares ahead of their maturity in 2024 due to recent market volatility. Separately, JPMorgan said the group companies were still eligible for inclusion in the bank's bond indexes.
Those two factors were having a positive impact on stocks, said Anita Gandhi, director at Arihant Capital Markets. "Also aiding the rise is the sharp correction in the group stocks, which have made them attractive," she said. Indian bourse National Stock Exchange of India revised on Monday the maximum daily permissible limit for price moves for Adani Green Energy Ltd
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