Adani Group stocks surged on Monday, on the first day of trading after a Supreme Court-appointed panel’s clean chit to the conglomerate in an investigation linked to US short-seller Hindenburg’s allegations.
The Adani Group stocks jumped as much as 15 per cent, with the group market capitalization crossing the Rs 10 lakh crore mark. The group’s market share rose from Rs 9.34 lakh crore on Friday.
Adani Group’s flagship Adani Enterprises led the rally with an 18 per cent surge in Monday’s trade. It was followed by Adani Wilmar (10%), Adani Ports (8.15%) and Ambuja Cements (up 6 per cent).
Adani Green Energy, Adani Power, Adani Total Gas, Adani Transmission and NDTV hit the 5 per cent upper circuit limits.
In a report revealed on Friday, the committee of domain experts appointed by the country’s highest court also dismissed systemic risks in the stocks. The report also said there was prima facie no regulatory failure on the part of market regulator SEBI (Securities and Exchange Board of India) and there was no price manipulation on the part of the Adani Group. The conglomerate had taken necessary steps to comfort retail investors and the mitigating measures had helped in building confidence in the stock, the panel said.
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.
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