28-Nov-2023
2 mins read
The stock market witnessed a significant surge in Adani Group shares following the recent Supreme Court hearing regarding the Adani-Hindenburg case. Adani Power, Adani Ports, and Adani Enterprises experienced a notable upside movement, marking new highs in Tuesday’s morning deals.
Adani Power and Adani Ports Showcase Strength
Adani Power shares opened on a positive note, reaching a record high of Rs 428 per share on the NSE. Similarly, Adani Ports displayed strength, opening with an upside and achieving an intraday high of Rs 826 per share, signifying nearly a 4% gain compared to the last closing price of Rs 795.55 per share.
Adani Enterprises Takes the Lead
Adani Enterprises, the flagship stock of the Adani Group, opened with a significant upside gap and swiftly touched an intraday high of Rs 2,374.90 per share within minutes of the market opening.
Rally Across Adani Group Stocks
Adani Total began the day at Rs 550 per share and surged to an intraday high of Rs 642 per share, marking an impressive 15% increase during Tuesday’s deals. Adani Energy Solutions and Adani Green Energy also experienced notable surges of over 13% and 7.50%, respectively, in the early morning session.
Reasons Behind the Surge and Caution Amidst Optimism
Experts attribute the surge in Adani shares to the recent Supreme Court hearing on the Adani-Hindenburg case. During the hearing, the Supreme Court reserved its verdict on a set of PILs seeking a Court-monitored investigation into allegations made by Hindenburg Research against Adani Group companies for purported violations of stock market regulations. Click here to learn more about the Supreme Court’s Reserved Judgment in Adani-Hindenburg Case, SEBI’s Investigation and CJI’s Direction.
Despite the positive sentiment, investors need to stay cautioned about the speculative nature of the rise. The market continues to watch developments closely, with the Supreme Court’s impending verdict and SEBI’s ongoing investigation into the matter being significant factors influencing the trajectory of Adani Group shares.
SEBI’s Update and Supreme Court’s Review
SEBI informed the Supreme Court that it does not require additional time to conclude its investigation into the Adani-Hindenburg matter, having already resolved 22 out of the 24 cases related to the issue. The remaining aspects of the probe hinge on data from foreign regulatory bodies. The apex court’s three-judge panel, led by Chief Justice D. Chandrachud, concluded hearings on multiple petitions demanding an inquiry into the Adani-Hindenburg matter and sought written submissions by the following Monday.