In Wednesday’s intraday trade, Adani Enterprises shares increased by 14% to Rs 2,049.60 on the BSE. It rose 102% from a low of Rs 1,017.10, warmed on February 3, in intraday trades.

Adani Enterprises quoted 13.6% higher, related to a 0.77% rise in the S&P BSE Sensex. A mutual 10.7 million equity shares had altered hands on the NSE and BSE. However, the stock is still down 40% from its price level of Rs 3,442.75 on January 24. It has split 51% from its all-time high price of Rs 4,189.55, touched on December 21.

On January 24, Hindenburg Research suspected Adani group had engaged in stock manipulation and accounting fraud scheme, improper use of offshore tax havens, and flagged worries about the group’s high debt.

The Adani group’s promoters have prepaid loans worth $ 1.11 billion, releasing the promised shares in 3 key companies – Adani Green Energy, Adani Ports, and Adani Transmission. Besides, global rating agencies Fitch and Moody’s said that Indian banks’ contact with Adani Group businesses is too large to hazard their credit profile knowingly. Moody states funding from international markets can be shortened amid heightened risk perception.

The board of directors of Adani Enterprises is planned to meet on February 14 to deliberate and approve the unaudited financial outcomes of the company for the sector and nine months that ended December 2022. Adani Enterprises is an incubator launching new transport, logistics, energy & utility industries. Adani Enterprises is the principal of the de-carbonization creativity of industries and flexibility through Adani New Industries Limited (ANIL). Adani Enterprises’ strategic business reserves are positioned around airport management, roads, data centre, and water infrastructure.