Adani Enterprises, the flagship firm of the Adani Group, rose approximately 2% to Rs 2,509.15, giving the company a total market valuation of more than Rs 2.85 lakh crore.
Adani Group shares were generally higher during the early trading session Tuesday, ahead of the Supreme Court hearing after the submission of Sebi’s inquiry in the market. The Adani-Hindenburg case is set to be heard by the country’s Supreme Court later today.
The Supreme Court had ordered Sebi to provide a status report on the probe into the charges made by the US-based short-seller Hindenburg Research in its January report, in which it accused the Adani Group of stock manipulation, fraudulent transactions, and other financial misbehavior. The Gautam Adani-led group, on the other hand, denied all wrongdoing.
Adani Enterprises, the flagship firm of the Adani Group, rose almost 2% to Rs 2,509.15 on Tuesday, giving the company a total market valuation of more than Rs 2.85 lakh crore. Another blue chip from the company, Adani Ports and Special Economic Zone, climbed more than 1% to Rs 815.40 apiece, with a total market cap of more than Rs 1.75 lakh crore.
Adani Power rose more than 2% to Rs 329.35 a share, while Adani Energy Solutions (previously Adani Transmission) rose more than 1% to Rs 874. Adani Total Gas rose more than 1% to Rs 663 in the first few minutes of the day.
Adani Wilmar and Adani Green Energy were also a bit higher at the start. Acquired firms like as Ambuja Cement and ACC gained up to 1%, while another media acquisition, New Delhi Television (NDTV), gained approximately 2% early in the session.
Sebi was due to deliver its investigative findings into the Hindenburg claims by August 14. However, the capital markets regulator requested a 15-day extension and filed its progress report on Friday, August 25. The Sebi’s report, however, is not public.
Gautam Adani highlights the recent publication of the expert committee’s report, formed by the Supreme Court, in his presentation to shareholders. Based on this study, Gautam Adani claims that the expert group found no regulatory failures by the Adani Group.
Hindenburg, a short-seller located in the United States, published a research study on the Adani Group in January of this year. The study claimed to be based on two years of investigation and stated that Adani Enterprises and other group firms had participated in stock manipulation and accounting fraud for decades.
