NEW DELHI: Adani Group shares were in high demand on Tuesday, surging up to 20% after the Supreme Court on Friday reserved its order to probe the group companies based on US short-seller Hindenburg Research allegations.
Tuesday was the first trading session after Friday’s proceeding as the stock exchanges were closed on Monday. This rally, one of the sharpest since the release of Hindenburg’s report on January 24, added Rs 1 lakh crore in market capitalisation for the 10-listed firms of the Group.
The combined market valuation of the Group soared to Rs 11.31 lakh crore at the end of trade on Tuesday. It stood at Rs 10.26 lakh crore at the close of trading on Friday. Experts said investors’ sentiment got a boost after the top court said they can’t proceed ahead assuming the report published Hindenburg to be correct. A bench led by Chief Justice of India (CJI) DY Chandrachud reserved its verdict in the case and said market regulator Sebi must complete the probe in all 24 cases.
“Despite serious allegations, investors believe Adani Group will receive a clean chit from Sebi. This may put an end to the allegations and bring back confidence,” a senior analyst said. As per him, such a sharp surge may lead to profit booking and investors should be careful while trading in Adani stocks.
Shares of Adani Total Gas and Adani Energy surged 20% each, while Adani Power soared 12.76%, Adani Green jumped 13.55, NDTV advanced 11.73%, Adani Wilmar went up 10% and Adani Enterprises rose 9.19%. Adani Ports gained 4.65%, Ambuja Cements rose 4.03% and ACC jumped 2.72%.