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This is an archive article published on March 2, 2023
Adani group shares gain after Supreme Court order on Hindenburg row, block deals report
Four Adani Group companies' stocks, namely Adani Transmission, Adani Power, Adani Green, and Adani Wilmar, were locked in the 5 per cent upper circuit limit.
After opening low, Adani group stocks, including Adani Enterprises, soared in early trade after reports of multiple block deals. (File image)
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Adani group shares gain after Supreme Court order on Hindenburg row, block deals report
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Adani group stocks ended in positive today after the Supreme Court ordered Sebi to complete its probe on the report by Hindenburg Research within two months.
After opening low, Adani group stocks, including Adani Enterprises, soared in early trade after reports of multiple block deals. As per data available on exchanges, around 3.5 per cent equity of Adani Enterprises, nearly 3.9 crore shares changed hands today. The deal was worth Rs 5,520 crore.
Meanwhile, Adani Ports, Adani Transmission, and Adani Green Energy also saw block deals, of 4.1 per cent, 2.5 per cent, and 3.5 per cent stakes, respectively, news reports stated.
The apex court, in its ruling today, asked market regulator Sebi to find out about any violations of rules, and manipulation of stock prices by the Adani group, as alleged by the US-based short-seller Hindenburg Research in its report published on January 24. The apex court has also formed a committee to review the regulatory mechanism in the wake of the controversy.
Gautam Adani welcomed the SC’s decision and said “it will bring finality in a time bound manner. Truth will prevail.”
Adani Enterprises closed 1.52 per cent higher, at Rs 1,588 on BSE. The stock was among the top losers at open.
Meanwhile, four Adani Group companies’ stocks, namely Adani Transmission, Adani Power, Adani Green, and Adani Wilmar, were locked in the 5 per cent upper circuit limit.
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Adani Power closed at Rs 161.40 on BSE, Adani Green at Rs 535.25, Adani Transmission at Rs 708.35 and Adani Wilmar at Rs 398.40.
Adani Ports and SEZ closed at Rs 620.50, after gaining 3.06 per cent, meanwhile, Adani Total Gas was up 3.86 per cent, at Rs 739.10.
Ambuja gained 4.50 per cent, at Rs 369.50, while, ACC rose 1.39 per cent, to Rs 1,794. Meanwhile, Ndtv gained 4.96 per cent, and closed at Rs 209.65 on BSE.
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