The Supreme Court delivered its verdict on the petitions related to alleged fraud accusations against Adani Group companies, stemming from the Hindenburg Research report. This decision has spurred a significant surge in Adani Group stocks during Wednesday's early trading session, contributing to a substantial increase in the conglomerate's overall market capitalisation, surpassing ₹15 lakh crore.
The apex court's dismissal of key demands from petitioners seeking to impede the ongoing Securities and Exchange Board of India (SEBI) investigation into the allegations highlighted in the Hindenburg Research report has been perceived as a favorable outcome for the Adani Group.
Following the court's decision, various stocks within the Adani conglomerate witnessed remarkable upward movements. Adani Enterprises, the group's flagship company, spearheaded the rally, registering a surge of over 9% in early trade. Similarly, Adani Ports marked a 6% surge, reaching its 52-week high of ₹1,144 on the BSE.
Adani Energy Solutions recorded an 18% surge in its stock value, while Adani Power hit its 5% upper circuit limit at ₹544.65 during the initial trading hours. Adani Total Gas experienced a 10% surge, accompanied by a nearly 9% jump in Adani Green Energy. Additionally, Adani Wilmar exhibited a notable increase of nearly 9% in its stock value post-verdict.
Interestingly, the positive momentum extended beyond the Adani stocks, with NDTV shares witnessing an impressive 11% surge, while Ambuja Cements and ACC recorded gains of about 3%, reaching fresh 52-week highs of ₹549 and ₹549.05, respectively.
The Supreme Court's decision has provided a significant boost to investor sentiment, leading to a widespread rally in not only Adani Group stocks but also in select other entities. Market analysts anticipate continued market optimism as the ruling bolsters confidence in the ongoing investigations and the stability of the concerned companies.
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