Get ready for heart-pounding action in the stock market as Adani Group shares shoot up unexpectedly right before a game-changing Supreme Court session! Will they hit the jackpot or face a shocking downfall? Click now to uncover the thrilling details!
Shares of Adani Group exhibited upward movement during Tuesday’s early trading session, in anticipation of the Supreme Court hearing subsequent to SEBI’s investigation submission. The apex court is scheduled to address the Adani-Hindenburg case later today.
Earlier, the Supreme Court had instructed SEBI to furnish a status report on its inquiry into allegations made by US-based short-seller Hindenburg Research in its January report. Hindenburg Research had accused Adani Group of engaging in stock manipulation, fraudulent transactions, and financial irregularities. Nevertheless, Adani Group, led by Gautam Adani, rebutted the claims. Adani Enterprises, the conglomerate’s flagship, saw a roughly 2 percent rise, reaching Rs 2,509.15 per share. This bolstered the total market capitalization to over Rs 2.85 lakh crore. Another prominent entity within the conglomerate, Adani Ports and Special Economic Zone, gained over 1 percent, reaching Rs 815.40 per share, resulting in a total market capitalization exceeding Rs 1.75 lakh crore.
Adani Power surged more than 2 percent, reaching Rs 329.35 per share, while Adani Energy Solutions (formerly Adani Transmission) experienced an increase of over 1 percent, reaching Rs 874. Similarly, Adani Total Gas observed an uptick of over 1 percent, reaching Rs 663 in the initial trading minutes.
Entities like Adani Wilmar and Adani Green Energy also registered marginal gains at the market open. Acquired firms, including Ambuja Cement and ACC, demonstrated an advance of up to 1 percent. Additionally, New Delhi Television (NDTV), a media acquisition, witnessed an early-session uptick of around 2 percent. Initially, SEBI was required to deliver its investigation report on the Hindenburg allegations by August 14. However, the regulatory authority requested a 15-day extension and eventually submitted its status report on August 25. The specifics of SEBI’s report, however, remain undisclosed.
During his address to shareholders, Gautam Adani underscored the recent release of a report by an expert committee appointed by the Supreme Court. Drawing from this report, Gautam Adani affirmed that the expert committee did not find any instances of regulatory failure on the part of the Adani Group.
In January of this year, US-based short-seller Hindenburg released a research report on the Adani Group. This report, purportedly based on two years of research, alleged that Adani Enterprises and other group companies were involved in stock manipulation and accounting fraud spanning several decades.