AEL and APSEZ stock prices Bounced Back on Friday

Mumbai, Jun 18: Share prices of Adani Group companies Adani Enterprises Limited (AEL) and Adani Ports & SEZ Limited (APSEZ) recovered on Friday after they fell owing to an unsubstantiated news report. Registering 8.76% hike, share of AEL closed at Rs 1487.85 on BSE. APSEZ stock price also witnessed rise by 7.39% and closed at Rs 694.60.
Following the incorrect reports of National Securities Depository Limited (NSDL) freezing accounts of three Foreign Portfolio Investors (FPIs), Adani Group companies’ stock prices took a hit during the week. However in response to Adani Group’s queries, NSDL clarified that foreign portfolio accounts with Adani Group stocks are active and there is no freeze on them. In its statement to stock markets on the unsubstantiated report by a pink paper, Adani Group said, “We regret to mention that these reports are blatantly erroneous and is done to deliberately mislead the investing community. This is causing irreparable loss of economic value to the investor value at large and reputation of the Group.”
Later, Adani Group CFO Jugeshinder Singh too appeared on various media to clarify the matter. “We, at Adani, are long-term investors and we will remain core investors. Also, we will continue to expand our relationship with strategic investors like Total, like QI and with global institutional investors like BlackRock, Vanguard, Norges, etc.”
He added that Adani Group has built very solid businesses and those businesses have massive cash flow, high profit margins and high EBITDA margins.
Both AEL and APSEZ also witnessed substantial volumes. Close to 33 million shares of AEL and 77 million shares of APSEZ were traded on Friday.