Adani Green Energy’s Share Price Surges 9% Today

Shares of Adani Green Energy Ltd (AGEL) experienced a notable surge in early trading on Monday, rising by 9.09% to reach an intraday high of Rs 1,445. This marks the fourth consecutive session of gains, with the stock soaring an impressive 60.66% over the past four trading days. At the time of writing, the shares were trading at Rs 1,356.35, reflecting a 2.4% increase. Recently, Adani Green Energy withdrew its $600 million bond issue, following bribery allegations made by US authorities. This Group clarified that there were no bribery charges against Gautam or other senior executives.

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Adani: Backed by Rating Agency

Boosting investor confidence, Crisil, a prominent credit rating agency, upheld strong ratings. Crisil emphasized that despite legal hurdles and negative media attention, the group possesses adequate liquidity to meet its debt obligations and generates sufficient operational cash flow to sustain its medium-term capital expenditure plans. The agency stated, “Adani Group’s financial position remains stable, bolstered by strong operational performance across its portfolio companies.”

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Understanding ASM Frameworks

ASM frameworks are introduced to protect investors from excessive volatility. The exchanges clarified that ASM listing is a market surveillance measure and should not be interpreted as negative action against the company. The BSE said, “The ASM framework operates alongside other surveillance measures imposed from time to time. Shortlisting under ASM is solely based on volatility and is not an indication of adverse actions against the company.”

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