A positive development comes for the Adani Group after a long time as the group’s market value surged by over $15 billion with stocks rallying up to 20% on Tuesday.
The development comes after the Supreme Court reserved its order to probe the companies based on a US short-seller’s allegations of accounting fraud and stock manipulation.
Adani Total Gas was leading with a 19.62% rally to the day’s high of Rs 642 on the NSE. The company’s market capitalisation shot past Rs 67,000 crore.
Adani Energy Solutions shares also hit the intraday high with a 13% spike to Rs 824.50 on NSE while the Adani Green Energy share price rallied nearly 8% to Rs 1,011.50.
Adani Power’s share price also gained over 7 percent to a 52-week high of Rs 423.15. Also, the Adani Wilmar shares spiked 6% to hit an intraday high of Rs 338.50 on the NSE.
Adani Enterprises climbed 6 percent to hit a day-high price of Rs 2,370 while Adani Ports gained around 3% to Rs 826 on NSE.
The Supreme Court reserved its verdict saying that it couldn’t order a probe based only on certain reports and without hearing the entities impacted by its orders.
“We don’t have to treat the Hindenburg report as being a statement of truth. There is no means of testing the veracity of the Hindenburg report and hence asked Sebi to probe,” the court said.
An SC bench, comprising justices JB Pardiwala, Manoj Misra and others, said that it cannot expect a statutory regulator like Sebi to start issuing show-cause notices on the basis of reports published by Hindenburg or by a news organisation.
Hindenburg is a US short-seller which had levelled the allegations against the Adani Group in January this year.
Recently, the US has decided to provide $553 million in financing for a port terminal in Sri Lanka’s capital being developed by Indian billionaire Gautam Adani.
The funding is significant for the Adani Group as it has been fighting a raft of corporate fraud allegations leveled by US-based Hindenburg Research.