Adani stocks rally up to 19% after clean chit from SC panel

Almost four months after a scathing report by a U.S.-based short seller accusing fraud, shares of Gujarat-based Adani Group firms continued their rally on Monday, with the group’s flagship Adani Enterprises climbing nearly 19%.

Almost four months after a scathing report by a U.S.-based short seller accusing fraud, shares of Gujarat-based Adani Group firms continued their rally on Monday, with the group’s flagship Adani Enterprises climbing nearly 19%.

Monday’s rally in the 10 listed firms of the conglomerate came after a Supreme Court-appointed panel in its report held that there was prima facie no evidence of stock price manipulation in Adani Group companies, while a separate probe by the market regulator SEBI into alleged violation of money flows from offshore entities has “drawn a blank.”

According to stock brokers in Ahmedabad, Monday was the best day at the bourses for the Adani stocks.

On Monday, the shares of Adani Enterprises rose by 18.84%, the most among the group firms.

The shares of other firms like Adani Wilmar jumped 10%, Adani Ports rallied by 6%, its cement firm Ambuja Cements gained 5%, Adani Power climbed 5%, Adani Transmission also 5%, while Adani Green Energy and Adani Total Gas rose by 5%.

The shares of media broadcaster NDTV also advanced nearly 5% and so did shares of ACC cement.

After Monday’s rally, the combined market valuation of the ten listed Adani Group firms reached ₹10,16,212.15 crore. The market valuation has gone up by more than one lakh crore after the shares soared on Friday and Monday.