Markets gain ground for second straight session

India’s stock markets gained ground for the second straight session on Monday, with the Nifty rising 1.3% to 24,221.90 points and the Sensex bouncing 1.25% to cross 80,100 points, but it was another rough day for Adani group’s energy-focused firms, led by Adani Green Energy named in an U.S. Court indictment unsealed last Thursday.

The Adani Green Energy stock plunged 8.05% on the Bombay Stock Exchange (BSE) to ₹967.65, taking it down by almost a third of its valuation five days earlier and close to its 52-week low of ₹920.20. The firm’s shares fell a steeper 9.2% on the National Stock Exchange (NSE) to ₹955 after slipping to a low of ₹933 during intra-day trading.

That one of the group’s largest foreign investors, French energy giant TotalEnergies SE decided to hold off on fresh investments in Adani group companies till its founder Gautam Adani is cleared of bribery charges flagged in a New York court, infected sentiment around other group stocks too. On the BSE, the Adani Energy Solutions stock declined 3.78%, while Adani Power fell 3.02% and Adani Total Gas slipped 1.43%.

However, the group flagship Adani Enterprises rose 1.26%, Adani Ports climbed 2.55% and Adani Wilmar was up 1.81%. Its cement arms also ticked up, with Ambuja Cements rising 0.88% and ACC gaining 2.54%.