Almost four months after a scathing report by a U.S.-based short seller accusing fraud, shares of Gujarat-based Adani Group firms continued their rally on Monday, with the group’s flagship Adani Enterprises climbing nearly 19%.
Monday’s rally in the 10 listed firms of the conglomerate came after a Supreme Court-appointed panel in its report held that there was prima facie 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.”
According to stock brokers in Ahmedabad, Monday was the best day at the bourses for the Adani stocks.
On Monday, the shares of Adani Enterprises rose by 18.84%, the most among the group firms.
The shares of other firms like Adani Wilmar jumped 10%, Adani Ports rallied by 6%, its cement firm Ambuja Cements gained 5%, Adani Power climbed 5%, Adani Transmission also 5%, while Adani Green Energy and Adani Total Gas rose by 5%.
The shares of media broadcaster NDTV also advanced nearly 5% and so did shares of ACC cement.
After Monday’s rally, the combined market valuation of the ten listed Adani Group firms reached ₹10,16,212.15 crore. The market valuation has gone up by more than one lakh crore after the shares soared on Friday and Monday.
A committee constituted by the Supreme Court headed by former Supreme Court judge Justice AM Sapre, in its 173-page report, said that based on data from the stock market regulator Securities and Exchange Board of India (Sebi), it saw “no evident pattern of manipulation” in the steep stock price rise in billionaire Gautam Adani’s companies that can be attributed to “any single entity or group of connected entities.”
The committee held that it was not possible to conclude whether there had been regulatory failures regarding price manipulations.
The Apex Court has given the market regulator time till August 14 to complete the probe while the matter has been listed for further hearing on July 11.
