Adani Group stocks volatile on Modi-led coalition's slim victory

BENGALURU -- Indian election results showing an underwhelming victory for Prime Minister Narendra Modi's coalition sparked volatile trading in shares of companies owned by Gautam Adani, prompting an opposition leader to claim that the fates of the nation's leader and its most prominent billionaire were "correlated."

Adani Group shares rose on Wednesday as partners in Modi's ruling coalition reaffirmed their support. Adani Enterprises and Adani Power were up 6% and 0.5%. Adani Ports and Special Economic Zone rose 8%, while Adani Total Gas and Adani Green Energy were up 3% and 11%.