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Adani Group Shares Soar, Market Cap Crosses Rs 10 Lakh Crore

by Jatin Batra
May 22, 2023
in Business
Reading Time: 2 mins read
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Adani Group Shares Soar, Market Cap Crosses Rs 10 Lakh Crore
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The flagship of the Adani Group, Adani Enterprises, led the rally with an 18 percent increase in trading on Monday.

New Delhi:

Shares of the Adani Group rose Monday, on its first day of trading, after a Supreme Court-appointed panel gave clean money to the conglomerate in an investigation linked to the allegations of US short-seller Hindenburg.

Shares of the Adani Group rose as much as 15 percent, with the group’s market capitalization crossing the Rs 10 lakh crore mark. The group’s market share rose from Rs 9.34 lakh crore on Friday.

The flagship of the Adani Group, Adani Enterprises, led the rally with an 18 percent increase in trading on Monday. It was followed by Adani Wilmar (10%), Adani Ports (8.15%) and Ambuja Cements (+6%).

Adani Green Energy, Adani Power, Adani Total Gas, Adani Transmission and DailyExpertNews reached the upper circuit limits of 5 percent.

In a report released Friday, the committee of domain experts appointed by the nation’s top court also rejected systemic risk in the stock. The report also said that prima facie there was no regulatory failure on the part of market regulator SEBI (Securities and Exchange Board of India) and no price manipulation on the part of Adani Group. The conglomerate had taken the necessary steps to reassure retail investors and the mitigating measures had helped build confidence in the stock, the panel said.

The panel, formed on March 2, was headed by retired Supreme Court Justice Justice AM Sapre and included retired Bombay High Court Justice Justice JP Devadhar, former Chairman of the State Bank of India OP Bhatt, former ICICI Bank chief KV Kamath, Infosys co-founder Nandan Nilekani and securities and regulatory expert Somasekhar Sundaresan.

(Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani Group Company.)

Tags: AdanicapCrorecrossesDailyExpertNewsgroupLakhmarketsharessoar

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