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Adani Group stocks rise up to 20 per cent. Know why

Stock prices of Adani group companies soared on Friday also as the Supreme Court heard and reserved its verdict on a batch of petitions seeking examination of allegations of fraud against the conglomerate.

Nivedita Dash Edited By: Nivedita Dash @Nivedita0503 Mumbai Updated on: November 28, 2023 15:51 IST
Gautam Adani
Image Source : AP Gautam Adani

Shares of Adani group firms continued to attract heavy demand in morning trade on Tuesday, with Adani Total Gas climbing nearly 20 per cent. All the 10 listed group companies were trading with sharp gains during the morning trade, defying a muted trend in the equity market. According to reports, the market cap of the Group has increased by 15 billion dollars in a day after the Supreme Court reserved its order to investigate the companies on the US short-seller's allegations of accounting fraud and stock manipulation. 

While Adani Total Gas shares zoomed 19.61 per cent, Adani Energy Solutions surged 13 per cent. Adani Power soared 8.46 per cent, Adani Green Energy jumped 7.84 per cent, Adani Enterprises climbed 7 per cent, Adani Wilmar went up by 6.86 per cent and NDTV advanced 6.42 per cent on the BSE.

Adani Ports gained 3.71 per cent, Ambuja Cements climbed 3.66 per cent and ACC went up by 2.86 per cent. Equity markets were closed on Monday for Guru Nanak Jayanti. In the broader equity market, the benchmark indices faced heavy volatile trends and were quoting between highs and lows.

What did the Supreme Court bench say?

  • SEBI will have to complete an investigation in all 24 cases. 
  • Cannot accept the Hindenburg Report as true. There is no means to test the veracity of the Hindenburg report and hence SEBI has been asked to investigate.
  • There must be some responsibility in making allegations. 
  • Can SEBI be asked to disclose the findings even before initiating proceedings under law? How can we pre-judge SEBI's findings?
  • SEBI cannot be asked to accept the news published in a newspaper, even if it is in the Financial Times, as true.

Investigation of 22 cases has been completed

The investigation in 22 out of 24 cases related to the allegations against Adani Group has been completed while in two cases information needs to be obtained from foreign regulators. Solicitor General Tushar Mehta had said that for the remaining two cases we need information from foreign regulators and some other information. We are consulting with them. 

 

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