The shares of Adani Group rallied over 18 percent on Wednesday despite both Sensex and Nifty falling flat during the market opening bell. The prime reason for this is the verdict of the Supreme Court regarding the Hindenburg report on the company.
After the Supreme Court disregarded the report submitted by Hindenburg on Adani Group, the share prices of multiple firms under the conglomerate spiked by a cumulative 18 percent during the early trade hours of Wednesday.
Adani group companies including Adani Enterprises Ltd, Adani Total Gas Ltd, Adani Green Energy Ltd, Adani Ports & Special Economic Zone Ltd, Adani Ports, Adani Wilmar Ltd and Adani Power Ltd rallied on the stock market even before the SC verdict was announced today.
Due to the rise in the share prices on January 2-3, Adani Group’s market capital once again breached the ₹15 lakh crore mark, after hitting an all-time low of ₹5.8 lakh crore in the early months of 2023.
The top gainer out of all Adani group companies is Adani Energy Solutions, with its share prices gaining 18 percent on Wednesday, reported PTI. Meanwhile, Adani-acquired media house NDTV gained 11.39 percent on the stock market today.
Adani Total Gas climbed 9.99 per cent, Adani Green Energy soared 9.13 per cent and Adani Enterprises surged 9.11 per cent on the BSE, said PTI data. Two group companies – Adani Ports and Ambuja Cements – also hit their 52 week high today.
Shares of Adani Wilmar went up by 8.52 per cent, Adani Ports climbed 6 per cent, Adani Power (4.99 per cent), Ambuja Cements (3.46 per cent) and ACC 2.96 per cent.
Supreme Court on Adani-Hindenburg case
The Supreme Court delivered its verdict on the Adani-Hindenburg case on January 3, ruling in favour of Gautam Adani’s company. The apex court bench further instructed SC to complete its probe into the two pending cases regarding the matter.
A Supreme Court bench headed by Chief Justice D Y Chandrachud said that the power of the court to enter the regulatory domain of SEBI is “limited”, dismissing the request to transfer the remaining cases to a Special Investigation Team (SIT) or other probe agency.
(With inputs from PTI)