Adani Group's flagship, Adani Enterprises Limited (AEL), rallied on the stock exchange on Tuesday. It gained 25 per cent intra-day to hit the 52-week high of ₹322.40.

The stock opened flat at ₹251, but recorded a gain of about 10 per cent by the afternoon trades on NSE. The rally intensified in the last hour of the trading to hit intra-day high of ₹322.40 before settling at ₹307.55, which is 23.66 per cent higher than its previous close. The volumes on the NSE stood at 49.3 million shares.

The stock exchanges have sought a clarification from the company on the “significant movement in price of the company shares on Tuesday”. A reply from the company is awaited. Traders, however, said that a spate of news around Adani's airport business has triggered a sudden interest in the investors. “The news of Adani Enterprise acquiring 50.5 per cent stake of GVK Group in Mumbai International Airport Limited (MIAL) and buying the remaining 23.5 per cent from the minority partners has created buzz in the market. Although news had not been confirmed, the rumour was enough to see a buying-spree by investors, taking Adani share up by 24 per cent intra-day,” said Aasif Hirani, Director, Tradebulls.

The sentiment around Adani Group has been positive as the promoters have reduced their outstanding debt to ₹8,500 crore from ₹12,000 crore since March, leading to the release of pledged shares which again boosted the investor-sentiment.

“Releasing of pledged shares, picking up stake in Mumbai International Airport and news of stake-buying in GVK group all boosted sentiment today,” he said.

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