© Reuters
INDIA – In the wake of the Supreme Court’s involvement in the Adani-Hindenburg affair, Adani group stocks experienced a significant rally on the Bombay Stock Exchange (BSE) today. The rally was marked by substantial trading volume increases, with Adani Total Gas leading the charge, soaring nearly 20% to ₹642.10, almost double its average volume. Other group companies, including Adani Energy Solutions and NDTV, also enjoyed robust gains of up to 13% and 5%, respectively. This surge in stock prices reflects a buoyant investor sentiment following the court’s proceedings.
Despite today’s positive market response, it’s important to note that many Adani group stocks remain well below their one-year highs, with some showing depreciation ranging from about 50% to nearly 100%. The market’s overall performance saw the S&P make a modest increase of just under 0.1%.
This latest development comes after a period of scrutiny for the Adani conglomerate, with a May interim report indicating no clear evidence of manipulation by the Adani groups or lapses in regulation. The report did, however, criticize changes made by the Securities and Exchange Board of India (Sebi) between 2014 and 2019, which were said to impact the regulatory body’s ability to conduct thorough investigations. Additionally, the examination found no evidence of suspect offshore financial activities linked to the conglomerate.
The Supreme Court’s directive to Sebi to conclude its probe without delay has seemingly reassured investors, leading to the notable uptick in Adani group’s stock prices.
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