Shares of Adani group jumped up to 5 per cent in Thursday’s trade, with the group market cap rising over Rs 23,400 crore after the Gautam Adani-led group welcomed Supreme Court’s order to conduct an investigation to ascertain if the conglomerate violated market norms and whether there was stock manipulation.
The Adani group, which has been denying the allegations of accounting fraud and stock manipulation made by the US-based short seller Hindenburg Research, welcomed the SC move.
Data showed the group market capitalisation (m-cap) jumped Rs 23,434 crore to Rs 7,79,619 crore in intraday deals against Wednesday’s closing m-cap of Rs 75,6185.12 crore.
Adani Enterprises Ltd, which fell to 9.64 per cent to Rs 1,408 in the morning trade, rebounded 14.45 per cent to hit a high of Rs 1,646. The scrip was later trading at Rs 1,603.30, up 2.48 per cent.
Adani Ports Ltd was up 1.14 per cent at Rs 609. This scrip saw 8,86,00,000 shares changing hands on NSE worth Rs 5,282 crore in a block deal earlier today. Adani Transmission Ltd was locked at 5 per cent upper circuit limit. Adani Transmission saw 2,84,00,000 shares changing hands in a block deal worth Rs 1,898 crore today. Adani Power Ltd advanced 4.98 per cent to Rs 161.40 while Adani Green Energy Ltd rose 5 per cent to Rs 535.25. Adani Wilmar was up 5 per cent at Rs 398.40. Adani Total Gas rose 2.66 per cent to Rs 732.15.
“The Adani Group welcomes the order of the Hon’ble Supreme Court. It will bring finality in a time bound manner. Truth will prevail,” Adani group Chairman Gautam Adani tweeted.
After hearing a bunch of PILs on the Adani-Hindenburg case, the Supreme Court ordered the market regulator Securities and Exchange Board of India (SEBI) to conduct an investigation to ascertain if the conglomerate violated market norms and whether there was stock manipulation.
The court also asked the regulator to submit its report within 2 months.
Moreover, the Supreme Court formed an expert committee to review the extant frame in order to protect Indian investors. The six-member committee will include OP Bhatt, Justice KP Devdatt, KV Kamath, Nandan Nilekani, Somasekhar Sundaresan and the panel will be headed by former Justice AM Sapre.
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