Adani Stocks Add Over Rs 1.34 Lakh Crore In Investor Wealth; Record Best Day In 19 Months

Shares of Adani Group companies jumped on Tuesday after the Supreme Court upheld its confidence in the market regulator's probe into the Adani-Hindenburg Research matter.

Adani Total Gas Ltd. hit an upper circuit of 20% and Adani Green Ltd was ended above 12%.

NDTV Ltd. and Adani Power Ltd. jumped over 11%, while Adani Enterprises Ltd. closed over 8%. Adani Wilmar hit the upper circuit of 10%. While Adani Power rose over 11% to hit an all-time high of Rs 464.40

Adani Group stocks added as much as Rs 1.33 crore in investor wealth, taking their total market capitalisation to Rs 11.59 lakh crore intraday, the biggest single-day surge since April 11, 2022.

The shares added Rs 1.04 crore in market value at close of market on Tuesday taking capitalisation to Rs 11.28 lakh crore.

On Friday, the Supreme Court reserved its judgment on the matter related to the Securities and Exchange Board of India's probe into the Adani-Hindenburg case. The case involved petitions that sought contempt of court proceedings against the markets regulator. The petitioner had alleged that SEBI had not completed its investigation on stock-manipulation allegations in a timely manner.

Chief Justice of India DY Chandrachud, during the hearing, questioned where's the material "before us to doubt SEBI". The top court also questioned the “wisdom” of allegations of conflict of interest against members of the committee appointed to look into allegations of Hindenburg Research against the Adani Group.

On Monday, the Adani Group condemned attempts to link the conglomerate with the collapse of the Uttarkashi tunnel, saying the group had no direct or indirect involvement with its construction.

"We clarify with utmost emphasis that the Adani Group, or any of its subsidiaries, has no direct or indirect involvement of any kind in the tunnel’s construction," an Adani Group spokesperson said in a statement. "We also clarify that we do not own or hold any shares in the company involved in the tunnel’s construction."

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