Shares of Adani Green Energy Ltd (AGEL) saw a rise in Monday’s early trade, surging 9.09% to hit a day high of Rs 1,445. The rise in shares marked the fourth consecutive session of gains for the stock, which has climbed an impressive 60.66% in just four trading days.
Adani Green Energy shares were trading at Rs 1,356.35, up 2.4%, at the time the article was being written.
The primary trigger for today’s rise was a statement from the Adani Group’s Chief Financial Officer (CFO) Jugeshinder Singh, indicating plans to revive a previously scrapped dollar bond offering between April and June 2025. Singh also mentioned that other group companies may consider public bond sales within the next year.
This announcement signals potential investor confidence in the group’s ability to regain access to international funding markets after a turbulent period.
Recently, Adani Green Energy withdrew its $600 million bond issue, following bribery allegations made by US authorities. The Adani Group clarified that there were no bribery charges against Gautam Adani or other senior executives.
The company also assured investors that it has sufficient liquidity to meet all debt servicing requirements for at least the next 12 months.
RATING AGENCY SUPPORT
Adding to investor optimism, Crisil, a leading credit rating agency, maintained strong ratings for the Adani Group’s entities. Crisil highlighted that despite legal challenges and adverse media coverage, the group has:
Adequate liquidity to meet debt obligations.
Sufficient operational cash flow to support its capital expenditure plans in the medium term.
The agency said, “Adani Group’s financial position remains stable, supported by robust operational performance across its portfolio companies.”
While the stock’s recent rally has drawn attention, it has also raised concerns about volatility. Both the BSE and NSE have placed AGEL shares under the short-term ASM (Additional Surveillance Measure) framework.
ASM frameworks are introduced to protect investors from excessive volatility. The exchanges clarified that ASM listing is a market surveillance measure and should not be interpreted as negative action against the company.
The BSE said, “The ASM framework operates alongside other surveillance measures imposed from time to time. Shortlisting under ASM is solely based on volatility and is not an indication of adverse actions against the company.”
The Adani Group has been navigating legal challenges after US authorities accused Gautam Adani, his nephew Sagar Adani, and AGEL Managing Director Vneet S Jaain of involvement in a bribery scheme to secure Indian power contracts. The group has categorically denied these allegations, calling them “materially false and misleading.”
