Adani-Hindenburg saga: Shares of Adani Group rise as Supreme Court defers hearing
Vardan Pandhare / 29 Aug 2023/ Categories: Mindshare, Trending
SEBI report sheds light on the progress of the extensive probe into alleged stock price manipulation by the Adani Group. The regulatory body said that it is still waiting for vital information from overseas regulators.
During the early trading session on Tuesday, shares of the Adani Group exhibited an upward movement.
Adani Enterprises, the flagship company of the Adani Group, witnessed an increase of around 2 per cent in morning trade on Tuesday, reaching Rs 2,509.15 per share. Its current market capitalization exceeds Rs 2.85 lakh crore. Another significant entity within the conglomerate, Adani Ports and Special Economic Zone, saw a gain of over 2 per cent, trading at Rs 823.40 per share while boasting a market capitalization of more than Rs 1.75 lakh crore.
Adani Power also experienced a rise of over 2 per cent, reaching Rs 330.95 per share. Meanwhile, Adani Energy Solutions (formerly Adani Transmission), after climbing more than 1 per cent to Rs 874, underwent a minor decrease. Adani Total Gas, too, observed an increase of over 1 per cent, trading at Rs 663 in the initial minutes of today's trading session.
Following an initial upturn, Adani Wilmar's stock lost momentum, while Adani Green Energy maintained stability amid market volatility. Ambuja Cement, one of Adani Group's acquired entities, gained over half a per cent, reaching Rs 442.25. ACC traded flat at Rs 1983, and New Delhi Television (NDTV), the group's media space acquisition, initially rose about 2 per cent but eventually settled at Rs 220.60 without significant change.
| Company Name | LTP | Change % | 52 Week High | 52 Week Low |
| Adani Enterprises Ltd | 2504 | 1.3 | 4190 | 1017.45 |
| Adani Green Energy Ltd | 974.15 | -0.6 | 2450 | 439.1 |
| Adani Ports and Special Economic Zone Ltd | 824.55 | 2.1 | 987.85 | 395.1 |
| Adani Power Ltd | 336.2 | 4.5 | 418.85 | 132.4 |
| Ambuja Cements Ltd | 440.95 | 0.5 | 598 | 315.3 |
| Adani Total Gas Ltd | 657.5 | 0.3 | 4000 | 620.05 |
| Adani Wilmar Ltd | 371 | -0.2 | 841.7 | 327.25 |
| New Delhi Television Ltd | 220.3 | -0.1 | 573 | 168.55 |
Earlier, SEBI had been directed to submit its investigation report regarding the Hindenburg allegations by August 14. However, the regulatory body requested a 15-day extension and eventually presented its status report on August 25.
In his communication to shareholders, Gautam Adani highlighted the recent release of the expert committee's report, commissioned by the Supreme Court. Drawing from this report, Gautam Adani emphasized that the expert committee had found no regulatory lapses on the part of the Adani Group.
Disclaimer: The article is for informational purposes only and not investment advice.