Adani Enterprises Limited (AEL) affiliate will control its coal washeries in the morning trade. The company mentioned sending the shares of the group flagship 2% higher, being the second-biggest gainer on the Nifty50 index.

Adani Enterprises was trading 1.7% higher at Rs 1,833.10 on the BSE. The stock is far from its 52-week high of Rs 4,189.55. The multi-bagger stock has created 1,193% returns in the past three years but was pounded after US short-seller Hindenburg Research in late January.

On January 24, the stock ended at Rs 3,442.75. The Hindenburg report came in after market hours and activated a slide in Adani group stocks, accusing the conglomerate of stock manipulation. The company denied the charges but did little to stem the fall. On February 3, Adani Enterprises fell lowest at Rs 1,017.1, a 70% decline from the closing price of January 24.

On April 11, Adani Enterprises told exchanges in a regulatory filing that the firm had integrated wholly-owned Subsidiary Pelma Collieries Ltd (PCL) on April 7, with an early authorised share capital of Rs 1 crore and paid-up share capital of Rs 5 lakh.

According to the filing, the company will develop, erect, and function coal washeries with coal handling methods and perform all essential and incidental activities.