Adani Stocks rally up to 19% after clean chit from the Supreme Court

Shares of Gujarat-based Adani Group companies continued to increase, with the group's flagship Adani Enterprises rising over 19%, nearly four months after a critical report by a U.S.-based short seller charging fraud.

This has been as a result of a Supreme Court-appointed panel's finding that there is "prima facie no evidence" of stock price manipulation in Adani Group companies, the conglomerate's 10 listed companies rallied on Monday i.e. 22nd May 2023. Meanwhile, a separate investigation by market regulator SEBI into alleged violations of money flows from offshore entities has "drawn a blank."

Adani Wilmar Company shares surged 10%, Adani Ports shares rose 6%, Ambuja Cements shares jumps 5%, Adani Power shares rose 5%, Adani Transmission shares rose 5%, Adani Green Energy shares rose 5%, and Adani Total Gas shares rose 5%. Shares of ACC cement and television broadcaster NDTV both increased by around 5%.

On Friday, 19th May 2023, Shares of the Adani Group increased by up to 7%. Adani Power, Adani Transmission, and Adani Green Energy all saw gains of between 4% and 5%, while Adani Wilmar saw a gain of around 7%.

The majority of the Adani stocks were trading downward earlier in Friday's session. Adani Power, Adani Transmission, Adani Green, and Adani Wilmar are four equities that saw a recovery of more than 10% from their day's low. From the day's low, Adani Total Gas rose roughly 9%.

The overall market value of the 10 listed Adani Group companies rose to 10,16,212.15 crore following Monday's rise. Since the share price of all Adani stocks increased significantly on Friday and Monday, this has led to its market valuation has increased by more than one lakh crore.

According to a 173-page report by a committee appointed by the Supreme Court and led by former Supreme Court justice Justice AM Sapre, there was "no evident pattern of manipulation" in the sharp stock price increase in billionaire Gautam Adani's companies that could be attributed to "any single entity or group of connected entities." According to the committee, it was impossible to determine whether there had been regulatory shortcomings in relation to price manipulations.

The market regulator has been given until August 14 to finish the investigation, and a subsequent hearing has been scheduled for July 11 of this year. On the rise of Adani's Shares, social media flooded with Memes and quotes on Adani's Come Back in the play.

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