Adani group mcap regains $200 bn-mark

Adani group mcap regains $200 bn-mark

Adani Group’s market capitalisation on Wednesday regained USD 200 billion-mark (Rs 16.9 lakh crore) after its listed firms gained Rs 11,300 crore as investors reposed faith on the company denying any wrongdoing in supply of coal to Tamil Nadu power company.

With Rs 11,300 crore gain on Wednesday, the apples-to-airport conglomerate gained Rs 56,250 crore in market capitalisation in the last two trading sessions, stock exchange data showed.

The gain came on a day when London-based Financial Times, citing documents from George Soros-backed Organized Crime and Corruption Reporting Project (OCCRP) in a report alluded to a fraud by Adani group by selling low grade coal as high value fuel in 2013.

While Adani group denied all allegations, the news report was cited by opposition leaders including former Congress president Rahul Gandhi to demand a probe by a joint parliamentary committee into the alleged wrongdoing.

A spokesperson for the group said the quality of the coal was independently tested at the point of loading and discharge, as well as by customs authorities and Tamil Nadu Generation and Distribution Company (Tangedco) officials. “With the supplied coal having passed such an elaborate quality check process by multiple agencies at multiple points, clearly the allegation of supply of low-quality coal is not only baseless and unfair but completely absurd.”

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