Adani Group stocks rebound as Sensex and Nifty surge

Mumbai: Stocks of the Adani Group companies rebounded on Friday, led by Ambuja Cements and ACC Ltd, after witnessing a sharp sell-off amid US government department allegations, which the Group has vehemently denied as "baseless". Ambuja Cements and ACC led gains, rallying 3.81 per cent and 3.30 per cent, respectively. Shares of flagship company Adani Enterprises went up by 2.12 per cent and Adani Ports and Special Economic Zone gained 2.09 per cent. Adani Total Gas and NDTV stocks gained 1.51 per cent and 0.85 per cent, respectively.

The Adani Group has denied allegations made by the US Department of Justice (DoJ) and the US Securities and Exchange Commission (SEC) against directors of its subsidiary company Adani Green, saying that all possible "legal recourse will be sought".

On Friday, bulls roared on Dalal Street as Sensex surged more than 1,961 points and Nifty 557 points. The rally in financial stocks and strong US labour market data were among the factors that drove the Sensex and Nifty up more than 2 per cent.