Adani Group stocks: Most Adani stocks gain; Ambuja, ACC and Adani Ports offer value

Mumbai: Several Adani Group stocks rebounded on Friday as traders found value in these shares battered the previous day by concerns over accusations of bribery and fraud against founder Gautam Adani, companies and executives by US prosecutors. Seven out of 11 stocks gained between 1-4% on Friday, but the group’s market value eroded by another ₹10,300 crore at close.

The sell-off on Thursday had led to the market cap falling by 15.7% or ₹2.24 lakh crore – the third-biggest fall ever.

Sanghi Industries, Ambuja Cements and ACC rose 3-4% on Friday and were among the top gainers. Adani Enterprises, the group’s flagship company, gained 2.2%.

“We saw traders ‘bottom-fishing’ the Adani stocks that would be less impacted by the US indictment, which was why some of them went up,” said Sunny Agrawal, head of fundamental research at SBI Caps Securities.

Adani Green Energy, the company named by the US Department of Justice (DoJ) and the Securities and Exchange Commission (SEC) in the indictment report, fell 8.2% on Friday, extending the losses from the previous day. The stock had lost 19% the previous day.

“Adani Green Energy remained lower as the market is uncertain about its outlook,” said Agrawal.Agrawal said he sees value in Ambuja Cements, ACC and Adani Ports. “They have credible institutional investments, good assets and cash flows, which could be a good buy for long-term investors at dips,” he said.