Another day of gains! Adani Group stocks jump up to 18% as SC reserves order in Hindenburg case
biggest market cap rise since Hindenburg in the previous session (November 28), shares of Adani Group stocks continued their upward momentum in today's (November 29) deals as well. The rise comes after the Supreme Court reserved its order on multiple public interest litigation pleadings for an investigation into the allegations of manipulations and corporate malfeasance in the Adani-Hinderburg report. On 24 January, US-based Hindenburg Research published a report accusing the Adani Group of engaging in fraudulent activities to artificially inflate its stock prices.
The Group has strenuously denied these allegations with a detailed rebuttal. The Apex Court concluded hearings on these petitions on Friday, November 24, but the stock reaction was witnessed starting Tuesday, November 28 as markets were closed on Monday (November 27) on account of Guru Nanak Jayanti. Sebi on Friday had informed the Supreme Court that it does not need additional time to complete its investigation into the Adani Group, with 22 of the 24 cases related to the Hindenburg matter already resolved.
The probe's remaining aspects hinge on data from foreign regulatory bodies. Out of the 24 cases related to the Hindenburg issue, 22 have already been resolved by SEBI, and the remaining aspects of the probe depend on data from foreign regulatory bodies. The apex court's three-judge panel was led by Chief Justice D Chandrachud.
Among the stocks, Adani Total Gas witnessed the biggest surge in intra-day deals today, rising 18 percent to ₹760. The stock ended at its 20 percent upper circuit in the previous session. Just in 2 sessions, it has advanced over 41 percent.
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