Adani Group Enjoys Stock Growth After Supreme Court Ruling
Posted by : Yashpal Arora | Wed Jan 03 2024

Adani Group Stocks rose to 11% in the market on January 3, 2024
Adani Group company shares rose to 11% in the stock market on January 3, 2024. The Supreme Court dismissed petitions filed on the Adani-Hindenburg issue for a Special Investigation Team (SIT) or CBI probe.
Reasons why this has happened:
The court stated that there were no valid grounds to revoke the FPI regulations, which had resulted in a sharp decline in share prices earlier. The court directed SEBI to complete the remaining two probes within three months and also said that the Hindenburg Research report should not be treated as a statement of truth.
Adani Ports, SEZ, and Adani Enterprises were among the top gainers on the Nifty 50, with their shares rising by 2% and 5%, respectively. Other Adani group stocks, including Adani Wilmar, Adani Green Energy, Adani Power, Adani Total Gas, and Adani Energy Solutions, witnessed a surge of 3–11% in their share prices.
On March 2, 2023, the Supreme Court asked market regulator SEBI to continue its probe into the allegations arising out of the Hindenburg report. The SEBI was tasked with examining whether there was any manipulation of stock prices in contravention of existing laws. The three-judge bench headed by Chief Justice D.Y. Chandrachud reserved a verdict in the case in November last year.
After plunging as much as 80% in the aftermath of the Hindenburg report, Adani Group stocks have rebounded. While stocks like Adani Ports have recovered all of their Hindenburg losses and are trading at new highs, other group companies have managed to narrow their losses.
The overall market capitalization of the Adani Group stock is back above the Rs 15 lakh crore mark but remains significantly below the peak of Rs 23 lakh crore. However, overall market capitalization has managed to triple from the record low of Rs 5.8 lakh crore hit during the Hindenburg saga.

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