Shares of Adani Enterprises, and Adani Ports and Special Economic Zone Ltd. (Adani Ports &SEZ) continued to rally for a second day on Wednesday, surging up to 13 percent in morning deals. The two Adani group stocks were the top gainers on the Nifty50 index of the National Stock Exchange.

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On BSE, shares of the flagship Adani Enterprises hit a high of Rs 2,045.10 per share, showing gains of 13 percent over the previous close. The stock spurted by 15 percent to close at Rs 1,802.50 on Tuesday after being locked in an upper circuit of 20 percent earlier in the day.

Adani Ports and SEZ jumped by nearly 8 percent to touch a high of Rs 597 per share on BSE even as it reported a 16 percent decline in consolidated profit for the December 2022 quarter.

Also Read: Adani Ports Q3 revenue rises but disappoints on a quarterly basis

The stock ended higher by 2 percent on Tuesday after the company said it was considering total loan repayment and prepayment of around Rs 5,000 crore, which will significantly improve the net debt to EBITDA ratio and bring it closer to 2.5x by March 2024.

Adani Enterprises and Adani Ports and SEZ were lead gainers on Nifty50 rising up to 13 per cent in morning trade on Wednesday. Adani Enterprises hit a high of Rs 2,043.70 on NSE before trading higher at Rs 1,985.80, up 10.14 percent, at 11 AM.

Adani Ports and SEZ hit a high of Rs 597.45 on NSE before trading higher 6.06 percent at Rs 586.65.

Adani Group promoters have prepaid share-backed loans worth $1.1 billion on Monday, 19 months ahead of their maturity in September 2024. The prepayment will release pledged shares from three group companies - Adani Ports, Adani Green Energy and Adani Transmission.

Also Read: Adani promoters prepay $1.1 billion worth of loans 19 months ahead of maturity

The company attributed this step as the continuation of the promoters' commitment to reduce the overall promoter leverage in light of the recent market volatility.

The prepayment would result in the release of 168.27 million pledged shares of Adani Ports and SEZ, or 12 percent of the promoter holdings.

Adani Group stocks have taken a beating on the bourses after US-based short-seller Hindenburg Research made a litany of allegations, accusing the Gautam Adani-led group of fraudulent transactions and share price manipulation.

In light of this, multiple lenders have come out and clarified on their exposure to the conglomerate. LIC has the biggest exposure in absolute terms worth nearly Rs 35,000 crore, followed by State Bank of India with Rs 27,000 crore. Other lenders like Bank of Baroda, Punjab National Bank, Axis, IndusInd Bank and even REC have clarified on their respective exposure.