Adani Enterprises Ltd. surged, leading gains in most of the group’s stocks as the early repayment of some borrowings by the indebted conglomerate’s founders boosted confidence.
The flagship’s stock rallied as much as 25%, while three of its peers jumped by their 5% limit in early trading. That helped trim the slump in the group’s market capitalization to $112 billion since US-based Hindenburg Research released a report on Jan. 24 alleging market manipulation and accounting fraud. Adani has repeatedly denied the claims.
The reprieve came as Gautam Adani and his family prepaid $1.11 billion worth of debt in a bid to calm a selloff that sparked fears of a contagion across India’s economy and markets. Concerns had grown over the billionaire’s access to funding amid the turmoil, and the scheduled release of four group companies’ earnings on Tuesday will give investors a chance to assess their financial health.
