Adani Enterprises Shares Jump 20%, Trading Suspended

Shares in the flagship firm of troubled Indian conglomerate Adani were suspended on Tuesday after they soared 20 percent, making up some of the huge slump since last month. They climbed, paring losses after an eight-day rout sparked by a short-seller report, as news of the early repayment of some borrowings aided sentiment.

The rise followed a move by tycoon Gautam Adani’s empire on Monday to pay back loans of $1.1 billion after allegations of accounting fraud wiped more than $100 billion off the group’s market value.

Eight of the conglomerate’s 10 stocks advanced, with three rising by their 5% limit. That helped trim the slump in market capitalization to $113 billion since US-based Hindenburg Research released a report on Jan. 24.

Billionaire Gautam Adani and his family prepaid $1.11 billion worth of debt in a bid to calm a selloff that sparked fears of a contagion across India’s economy and markets. Four firms are expected to announce results on Tuesday: Adani Ports & Special Economic Zone, Adani Green Energy Ltd., Ambuja Cements Ltd. and New Delhi Television Ltd.

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