New Delhi, Dec 3 (IANS) Despite the earlier hedge funds allegations, the Adani Group made a roaring comeback on the stock market and this time too, the US Justice Department indictment will fizzle away and their business will continue to operate well, global investor Mark Mobius said on Tuesday. The Adani stocks are now surging almost daily on the Indian stock exchanges. They added more than Rs 2 lakh crore to their market cap in just a three-day rally post the US DoJ indictment.
In the last five trading sessions, Adani Enterprises (NS:ADEL) surged by 14.79 per cent, Adani Green Energy (NS:ADNA) shot up by 43 per cent, and Adani Power (NS:ADAN) railed over 20 per cent.
Meanwhile, Adani Ports and Adani Energy Solutions rallied by 12.79 and 29.82 per cent, respectively.
During this period, Group FMCG company Adani Wilmar (NS:ADAW) surged by 7.17 per cent and gas distribution firm Adani Total Gas (NS:ADAG) went up by 29.46 per cent. Adani group cement companies Ambuja and ACC (NS:ACC) shot by 13.89 per cent and 8.13 per cent, respectively.
Mobius told IANS that just like hedge funds, this issue will also go away.
"I think a lot of people are now beginning to realise that with Donald Trump set to assume office on January 20, this DoJ situation in the US will probably go away," he said.
"The situation with the hedge funds going after Adani also seemed to have fizzled out. A lot of investors began to look at this and say Adani is under pressure but at the end of the day, the Group’s business will continue to operate well and probably will continue to do well," the ace global investor told IANS.
In August this year, Indian investors rejected Hindenburg allegations, reflecting their trust in the market's strong fundamentals and overall economic growth, with Adani stocks surging as well.
The Adani Group also vehemently rejected the allegations as “malicious, mischievous and manipulative selections of publicly available information" to arrive at "predetermined conclusions for personal profiteering with wanton disregard for facts and the law”.
--IANS
na/vd