On Monday, Adani Group Share price surged after getting a clean chit from the SC panel in the stock manipulation alleged by the Hindenburg. It was the best session for the Adani Group when all its listed firms added around $10 billion to their market valuation. Four months after the Hindenburg report, it is the first time that Adani Group stocks surged by 19% and gave hope to its investors.
During the session, the SC panel confirmed that “there is no evidence of stock price manipulation in Adani Group companies, while a separate probe by the market regulator SEBI into alleged violation of money flows from offshore entities has “drawn a blank.”
As per the data from the stock exchanges, the shares of Adani Enterprises surged by 19% among its listed firms. Here are the gains of the Adani Group different shares after the SC panel’s verdict:
- Adani Enterprises Ltd- 19%
- Adani Wilmar- 10%
- Adani Ports- 6%
- Adani Power- 5%
- Adani Transmission- 5%
- Adani Energy- 5%
- Adani Total Gas- 5%
With an improvement in the market position, Adani Group shares again seem to perform well. Since the report of the Hindenburg, the various allegations laid by the US-short seller resulted in a huge loss in the stock price of Adani Group’s listed price.
In an investigation report, the capital market regulator, the Securities Exchange Board Of India (SEBI), concluded that they didn’t find any evidence of stock manipulation in the stock price by the billionaire Gautam Adani’s any listed firm.
Recently, the Supreme Court heard the pleas in the Adani-Hindenburg case, during which SEBI requested an extension period for an investigation. Getting a clean chit from the SC panel boosts the performance of Adani Group shares which will benefit its investors and Billionaires in the future.