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| Photo Credit: Reuters

Adani Enterprises Ltd. gained 2.24% to ₹2,697.70 on the BSE on August 22 after the promoter group increased its stake in the Adani Group holding company by 2.22%. Earlier, the stock rose to as much as ₹2,720.65, up 3.10%, in intraday trade.

On the NSE, the stock added 2.09% to ₹2,694.90. A total of 1,02,91,468 shares were traded on the NSE on Tuesday as per stock exchange data.

Adani Enterprises had on Monday informed the exchanges that the promoter group company Kempas Trade & Investment Ltd. had acquired 2,53,00,000 shares, amounting to 2.22% voting capital of the company, from the open market.

With this purchase, the promoter group’s holding in Adani Enterprises has increased to 69.87%, from 67.65%, as per a regulatory filing.

The shares were purchased between August 7, 2023, and August 18, 2023. 

The Adani Enterprises’ stock has recovered ground from a 52-week low of ₹1,017.10 hit on February 3 in the wake of a controversial report by U.S. based short seller Hindenburg Research alleging accounting irregularities and share-price manipulation at the Gautam Adani led conglomerate, charges the Adani Group has denied as ‘baseless’.

The promoter group’s stake increase comes at a time when the U.S.-based boutique investment advisory firm GQG Partners has been buying shares in the Adani Group’s companies.