Shares of Adani Group companies saw a significant increase on Tuesday, with gains of up to 20%. This surge was attributed to fresh funding and a report dismissing concerns raised by short-sellers about the Indian conglomerate.
Adani Enterprises, the flagship company led by Indian billionaire Gautam Adani, saw a 17% increase, marking its largest one-day gain since May. Adani Green Energy, Adani Energy Solutions, and Adani Total Gas all experienced gains of 20%.
Adani Power and Adani Ports & Special Economic Zone also fared well, with gains of 16% and 15% respectively.
These positive developments followed Adani Green's announcement of securing $1.36 billion in financing from an international bank consortium. This funding demonstrates that the group is rebuilding trust with lenders after a critical report by U.S. short-seller Hindenburg Research shook investor confidence earlier this year.
The financing deal involves banks such as DBS, BNP Paribas, Standard Chartered, and Societe Generale. The funds will be utilized for the development of a renewable energy complex in Gujarat, as confirmed by Adani Green on Tuesday.
Investor sentiment further improved with a Bloomberg report revealing that a U.S. agency dismissed the Hindenburg allegations as irrelevant when deciding to provide the group with up to $553 million for the construction of a container terminal in Sri Lanka.
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