📈 69% of S&P 500 stocks beating the index - a historic record! Pick the best ones with AI.See top stocks

Adani group stocks surge following Supreme Court guidance to Sebi

EditorAmbhini Aishwarya
Published 28/11/2023, 05:36
© Reuters
ADEL
-
ADAN
-
NDTV
-
ADEL
-
ADAN
-
BSESN
-
ADAI
-
ADAI
-
APSEc1:NS
-
ADNA
-
ADNA
-
ADAG
-

INDIA - In the wake of the Supreme Court's involvement in the Adani-Hindenburg affair, Adani group stocks experienced a significant rally on the Bombay Stock Exchange (BSE) today. The rally was marked by substantial trading volume increases, with Adani Total Gas leading the charge, soaring nearly 20% to ₹642.10, almost double its average volume. Other group companies, including Adani Energy Solutions and NDTV, also enjoyed robust gains of up to 13% and 5%, respectively. This surge in stock prices reflects a buoyant investor sentiment following the court's proceedings.

Despite today's positive market response, it's important to note that many Adani group stocks remain well below their one-year highs, with some showing depreciation ranging from about 50% to nearly 100%. The market's overall performance saw the S&P BSE Sensex make a modest increase of just under 0.1%.

This latest development comes after a period of scrutiny for the Adani conglomerate, with a May interim report indicating no clear evidence of manipulation by the Adani groups or lapses in regulation. The report did, however, criticize changes made by the Securities and Exchange Board of India (Sebi) between 2014 and 2019, which were said to impact the regulatory body’s ability to conduct thorough investigations. Additionally, the examination found no evidence of suspect offshore financial activities linked to the conglomerate.

The Supreme Court's directive to Sebi to conclude its probe without delay has seemingly reassured investors, leading to the notable uptick in Adani group's stock prices.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.