Adani Group's Rollercoaster: Shares Surge Amid Legal Challenges

Shares of the majority of Adani Group firms surged during Thursday's morning trading, with notable gains in Adani Total Gas. Despite legal challenges faced by the group and its executives, the stock market reacted favorably. However, two companies, ACC and Ambuja Cements, experienced slight declines.

In an impressive market rally, nine out of eleven Adani Group firms saw their shares rise during Thursday's morning trade. Notably, Adani Total Gas skyrocketed by nearly 19%, while other subsidiaries like Adani Power and Adani Green Energy also witnessed significant gains.

This surge occurred despite ongoing legal challenges facing the conglomerate. Embattled billionaire Gautam Adani, along with other executives, is under scrutiny for allegations of bribery and fraud. However, the group denies these claims, asserting their intention to seek legal recourse.

While the stock market reacted positively to the firm's performance, two ventures, ACC and Ambuja Cements, saw marginal declines. Meanwhile, major market indices, such as the BSE Sensex, experienced a downturn, overshadowing the gains of the Adani stocks.

(With inputs from agencies.)