Adani Group shares rally after exit polls predict BJP win in state elections

Adani Group shares rallied after exit polls predict a strong showing for the key opposition Bharatiya Janata Party and its prime ministerial candidate Narendra Modi in state elections held since November.

Adani Group is based in Gujarat, where Modi is chief minister.

[caption id=“attachment_477334” align=“alignleft” width=“380”] Gautam Adani. Reuters[/caption]

Because of the location and perceptions of close ties between Adani and the BJP, shares of the Adani Group can at times move depending on the perceptions of electoral success for the party.

Adani Enterprises had gained 13.2 percent in December 2012 compared with the Nifty return of 0.5 percent in the same period on hopes Modi would win a fourth successive term as chief minister.

Adani Enterprises gained 2.3 percent, while Adani Ports and Special Economic Zone was up 3 percent and Adani Power rose 4.1 percent.

Reuters