Adani Enterprises jumps nearly 18% in morning trade as stock buying continues
All Adani Group shares extended their rally, with Adani Enterprises climbing almost 18% this morning, after a Supreme Court-appointed panel found no evidence of share price manipulation at group companies , while a separate investigation by markets regulator SEBI also drew a blank.
Adani Enterprises shares climbed 17.65% on the Bombay Stock Exchange or 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 percent).
Ambuja Cements stock jumped 4% and ACC climbed 2.87%.
Some shares of the group also reached their upper limits of the circuit during morning trading.
In the stock market, BSE’s 30-share benchmark index climbed 238.21 points or 0.38% to settle at 62,201.89 in morning trading.
Adani Group shares have rallied since Friday.
The committee, headed by former Supreme Court Justice, Justice AM Sapre, in its 173-page report said that based on data from the Securities and Exchange Board of India (SEBI), it saw no “no obvious pattern of manipulation” in billionaire Gautam Adani’s steep stock price hikes that can be attributed to “any related entity or group of entities”.
It was not possible to conclude whether there had been any regulatory failures regarding price manipulation, the Supreme Court-appointed panel said in the report.
“Adani’s actions rallied in response to the Supreme Court panel’s remark that ‘at this point, given the explanations provided by SEBI, supported by empirical data, prima facie, it does not would not be possible for the committee to conclude that there was a regulatory failure around the allegation of price manipulation,” he said.
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