Shares of Adani Enterprises rose over 3% on Monday, bucking the broader market weakness, after the Adani Group flagship said its step-down wholly owned subsidiary, Adani Airport City, has set up four new wholly owned entities.

Following the announcement, Adani Enterprises shares surged as much as 3.3% to touch an intraday high of ₹2,157.10 on the BSE. The company’s market capitalisation climbed to around ₹2.75 lakh crore. Trading activity also picked up, with about 2.5 lakh shares changing hands as compared to two-week average volume of 1.49 lakh shares.

In contrast, the broader market remained under pressure, with the benchmark indices - BSE Sensex and Nifty 50 - declining more than 1% each, as investor sentiment weakened amid fresh geopolitical tensions.

Adani Airport sets up four subsidiaries

Adani Enterprises in an exchange filing on April 11 said that Adani Airport City Limited, a step-down wholly owned subsidiary of the company, has incorporated four wholly owned subsidiaries - AMACL, AJACL, ALACL, and ATACL. Adani Airport City holds a 100% stake in all these four entities.

All four India-based subsidiaries will focus on real estate-related activities, including development of owned or leased properties, construction projects (either independently or on a contract basis), and the operation of hospitality assets such as hotels, motels, and resorts offering short-term accommodation.

The release noted that each company has been established with a paid-up capital of ₹10 lakh, consisting of 1 lakh equity shares priced at ₹10 each, issued at face value.

NCLT defers Vedanta plea against Adani bid for JAL

Investor sentiment also received support after the National Company Law Appellate Tribunal (NCLAT) adjourned its hearing on petitions filed by Anil Agarwal-led Vedanta. The appeals challenge the approval of Adani Enterprises’ bid to acquire the debt-laden Jaiprakash Associates through the insolvency process.

The hearing was deferred due to a change in the bench composition following the unavailability of one member. A fresh date is expected to be announced soon.

Vedanta has contested the March 17 ruling by the National Company Law Tribunal’s Allahabad bench, which cleared Adani Enterprises’ ₹14,535-crore resolution plan for Jaiprakash Associates. Earlier, on March 24, the appellate tribunal had refused to grant an interim stay on that order.

Jaypee Group founder Jaiprakash Gaur on Friday expressed support for the Adani Group’s takeover of his insolvent flagship company Jaiprakash Associates, stating that he has full confidence in Gautam Adani’s leadership to take the company forward. The statement comes amid an ongoing legal tussle, days after Vedanta claimed that Gaur had preferred his group as a “safe pair of hands” for the company.