Adani Group's Major Market Shakeup: Shares Surge Amid Strategic Exit

The Adani Group announced a significant exit from its joint venture Adani Wilmar, selling its entire stake for over $2 billion amid volatile market conditions. Despite a weak market trend, Adani shares soared, while the overall Sensex index dropped. The sale proceeds aim to boost Adani Enterprises' infrastructure growth.

The Adani Group reported a surge in shares for seven of its firms, even as the equity market witnessed a downturn. Notably, Adani Total Gas shares rose over 11%, with other entities such as Adani Enterprises and Adani Power also experiencing significant gains.

Conversely, Adani Ports and other key stocks experienced declines amidst market volatility, marked by a substantial drop in the Sensex and NSE Nifty indices.

In a strategic move, the Group announced its exit from the FMCG joint venture Adani Wilmar, selling its stake for over $2 billion. This decision is set to fund growth in core infrastructure sectors, concluding by March 2025.

(With inputs from agencies.)