Buying in Adani stocks continue; Adani Enterprises jumps nearly 18% in morning trade

All Adani Group stocks with Adani Enterprises climbed nearly 18% after a Supreme Court-appointed panel found no evidence of stock price manipulation in the group companies while a separate Sebi probe into alleged violation of money flows from offshore entities drew a blank.

All Adani Group stocks extended their rally, with Adani Enterprises climbing nearly 18% on May 23 (morning), after a Supreme Court-appointed panel found no evidence of stock price manipulation in the group companies while a separate Securities and Exchange Board of India (SEBI) probe into alleged violation of money flows from offshore entities drew a blank. The stock of Adani Enterprises zoomed 17.65% on the BSE.

Shares of Adani Wilmar jumped 9.99%, Adani Ports gained 7.71%, Adani Power climbed 5%, Adani Transmission (5%), Adani Green (5%), Adani Total Gas (5%) and NDTV (4.99%). The stock of Ambuja Cements jumped 4% and ACC climbed 2.87%. Some group stocks also hit their upper circuit limits during the morning trade.

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

In the equity market, the 30-share BSE benchmark climbed 238.21 points or 0.38% to quote at 62,201.89 in morning trade. Adani Group stocks have been rallying since May 19.

The six-member panel, however, said there was evidence of a build-up in short positions on Adani Group stocks ahead of the report of U.S.-based short seller Hindenburg Research that alleged fraud, stock manipulation, and money-laundering at the apples-to-port group.

Profits were earned from squaring off positions after prices crashed post-publication of the damning allegations.

Also read: The financial jargon in the Adani-Hindenburg saga explained