Adani Enterprises, Adani Ports: Adani Group shares rise ahead of Supreme Court hearing

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Adani Group

Shares of Adani Enterprises, the flagship company of the Adani Group, rose nearly 2 percent to Rs 2,509.15, with a total market capitalization of Rs 2.85 lakh crore.

Shares of Adani Group were trading mostly higher in the early trading session on Tuesday ahead of the hearing in the Supreme Court after the Sebi probe was submitted to the market. The Supreme Court of the country will hear the Adani-Hindenburg case today.

The Supreme Court has directed Sebi to submit its status report on its January report on the probe into allegations by US-based short seller Hindenburg Research alleging stock manipulation, fraudulent transactions and other financial malpractices by the Adani Group. However, the Gautam Adani-led group denied all wrongdoing.

Adani Ports & Special Economic Zone Ltd (ADANIPORTS) Share Price

Shares of Adani Group flagship Adani Enterprises rose nearly 2 percent to Rs 2,509.15 on Tuesday, with a total market capitalization of Rs 2.85 lakh crore. Adani Ports and Special Economic Zones, another blue-chip of the group, traded at Rs 815.40 per cent with a total market capitalization of Rs 1.75 lakh crore.

Adani Power jumped 2 percent to Rs 329.35 per share, while Adani Energy Solutions (formerly known as Adani Transmission) was down 1 percent. Adani Total Gas also rose more than one percent to Rs 663 in early trade. Minutes of Session.

Adani Wilmar and Adani Green Energy also made early gains. Acquired units including Ambuja Cement and ACC rose over one per cent, while another acquisition from the media sector, New Delhi Television (NDTV), gained around 2 per cent at the start of the session.

SEBI had to submit its investigation report on the Hindenburg allegations by August 14. However, the capital markets regulator sought an extension of 15 days and submitted its status report on Friday, August 25. However, the contents of SEBI’s report are not in the public domain.

In his address to the shareholders, Gautam Adani highlighted the recent release of the report of the Supreme Court appointed expert panel. Gautam Adani, inspired by the report, said the expert panel had not found any control failure of the Adani Group.

In January this year, US-based short-seller Hindenburg released its research report on Adani Group. The report is based on more than two years of research and alleges that Adani Enterprises and other group companies engaged in stock manipulation and accounting fraud over decades.

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