Investors, including GQG Partners, have bought almost $1 billion of additional stakes in Adani group companies, as Gautam Adani seeks to regain market confidence after a damaging report by a US short seller.
Investors purchased 18 million (1.6%) of Adani Enterprises Ltd's shares in a single trade from the Adani family. In Adani Green Energy, 35.2 million shares (2.2%) were traded.
In early Wednesday trading, stock market data showed large block trades in both companies.
After allegations of accounting fraud and stock price manipulation by Hindenburg Research, the Adani Group lost $150 billion in market value. GQG Partners invested in the conglomerate to aid in its recovery, and the Adani Group denied all allegations while planning a comeback strategy.
In March, the promoters sold stakes worth $1.87 billion, followed by an additional purchase of shares worth $400-500 million by GQG in May. The Adani Group's recovery is anchored by GQG's investments, although the companies are still trading below pre-report levels.
The Adani Enterprises' Rs 20,000 crore follow-on public offering was canceled, and the funds raised will be used to reduce debt and expand the group's projects.
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