Adani Enterprises share price skyrocketed 15% to Rs 2244.85 today after an expert panel constituted by the Supreme Court to investigate the Adani Group on Friday said that at this stage, it is not possible to conclude that there was a regulatory failure on the price manipulation allegation. Adani Ports and Special Economic Zone shares surged nearly 10% to Rs 752.55, Adani power shares jumped 5% to Rs 248, Adani Transmission shares gained 5% to Rs 825.35, Adani Green Energy shares increased 5% to Rs 942.4, Adani Total Gas shares soared 5% to Rs 721.35, Adani Wilmar shares zoomed 10% to Rs 444.4, NDTV shares were up 5% to Rs 186.45, Ambuja Cements shares were up 6.41% to Rs 429.25 and ACC shares were up 5.23% to Rs 1820.05.
Almost all the Adani group stocks hit the upper circuit today with the combined market capitalisation rising above Rs 10 lakh crore. In comparison, the NSE Nifty Nifty 50 rose 97.75 points or 0.54% to 18,301.15 and BSE Sensex jumped 239.59 points or 0.39% to 61,969.27. Adani Enterprises and Adani Ports were the top gainers on the Nifty 50 index.
The SC panel’s comments came as a relief to Adani group stocks which have been falling since the US-based short-seller, Hindenburg Research accused the Adani family of stock manipulation and fraud through offshore shell entities. The group’s stocks fell up to 80% in just a few days after the report got published on January 24, with Adani group losing over Rs 10 lakh crore in market capitalisation. Since then the Gautam Adani-led group has taken several steps to regain investors’ confidence.