The two entities of the promoter group accumulated a 2.03% share purchase in the Port of Adani and the Special Economic Zone through the open market from June 2 to August 11, according to information from the stock exchange.
Resurgent Trade and Investment bought 3,26,18,000 shares or 1.51% shares in major ports, from June 2 to August 11, while DDC Emerging Market Investment bought 111, 89,500 shares, or 0.52% shares from June 22 to 28. Following the acquisition of 2% shares, the combined ownership of the promoter and promoter group entities in the company increased to 63.06%.
During the time that promoters bought the stock on the open market, the stock rose 9.4%. In Wednesday’s trading, the stock fell 1.4% on the NSE to Rs 776.05. Shares fell for a third straight session on news of Deloitte’s resignation as the company’s auditor weighed in on sentiment.
Last year, Deloitte was appointed an auditor for a period of five years. However, the auditors differed with management on some transactions, which was also pointed out by US firm Hindenburg Research in its January report. Following Deloitte’s resignation, Adani Ports appointed MSKA & Associates as the audit firm.
Earlier this month, the stock hit a three-month high after the company reported strong earnings for the June quarter. The company recorded an 83% increase in consolidated net profit year-on-year to Rs 2,115 billion, driven by a 24% increase in revenue to Rs 6,248 billion.
Dalal Street is now eyeing the final report of the Securities and Exchange Commission of India (Sebi), based on their investigation into the Adani Group following Hindenburg’s allegations. The regulator asked the Supreme Court for an additional 15 days to investigate the Adani-Hindenburg line.
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