On the first day of trading, Adani Group stocks rise after a Supreme Court-appointed panel cleared the conglomerate in an investigation linked to US short-seller Hindenburg’s allegations.
The Adani Group stocks rise by up to 15%, and the group’s market capitalization surpassed 10 lakh crore. The group’s market share increased from 9.34 lakh crore on Friday to 9.34 lakh crore today.
Adani Group’s flagship Adani Enterprises led the rally with an 18% increase in trading on Monday. Adani Wilmar (10%), Adani Ports (8.15%), and Ambuja Cements (up 6%) followed.
Adani Green Energy, Adani Power, Adani Total Gas, Adani Transmission, and NDTV hit the 5 percent upper circuit limits.
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The committee of domain experts appointed by the country’s highest court also dismissed systemic risks in the stocks in a report released on Friday. According to the report, there was no regulatory failure on the part of the market regulator SEBI (Securities and Exchange Board of India) and no price manipulation by the Adani Group. The conglomerate had taken the necessary steps to reassure retail investors, and the mitigating measures had contributed to the stock’s confidence, according to the panel.
The panel, formed on March 2, was headed by retired Supreme Court judge Justice AM Sapre and included retired Bombay High Court judge Justice JP Devadhar, former State Bank of India Chairman OP Bhatt, former ICICI Bank chief KV Kamath, Infosys co-founder Nandan Nilekani and securities and regulatory expert Somasekhar Sundaresan.
Adani Group is an Indian multinational conglomerate, headquartered in Ahmedabad. Founded by Gautam Adani in 1988 as a commodity trading business, the Group’s businesses include port management, electric power generation and transmission, mining, airport operations, natural gas, food processing, and infrastructure. More than 60 percent of the Adani Group’s revenue is derived from coal-related businesses.
