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It was a choppy and volatile trading session as far as the Adani group stocks were concerned on a crucial day when the Supreme Court was delivering its verdict on the Hindenburg, in response to a group of petitions.
Ahead of the judgment, all Adani stocks were in surge mode up in the range 2.7 to 16 per cent, but during the day as the Supreme Court bench gave its ruling the stocks came off their highs, but still with sufficient gains to take the combined group market capitalisation above the ₹15 trillion mark.
A group statement said that the market cap at the end of the day was ₹15.1 trillion, gaining ₹63,795 crore on a single day. The market cap had been ₹14.47 trillion on Tuesday.
Market rebound
Adani Energy Solutions, which had been the leader of the pack throughout the trading session, ended 11.4 per cent higher at ₹1183.20, followed by Adani Total Gas that ended 9.8 per cent higher at ₹1099.30. Flagship Adani Enterprises was up 2.4 per cent, Adani Green Energy was 5.8 per cent up, while Adani Ports and Adani Power were at their 5 per cent upper circuits.
Market watchers said that punters had taken positions ahead of the ruling expecting a favourable judgement and during the actual court proceedings there was some bit of profit taking.
In the aftermath of the Hindenburg Research allegations in January last year, around $150 billion of the market cap of the group had been wiped out.
The Supreme Court bench led by Chief Justice of India DY Chandrachud ruled that it would not interfere with the jurisdiction of Securities and Exchange Board of India in conducting its investigations or in the application of its regulatory framework and that there were no valid grounds for it to direct SEBI to revoke its amendments to the Foreign Portfolio Investor regulations.
It directed the markets watchdog to complete its investigation in three months. It also declined to transfer the investigation to the CBI or SIT. The ruling was along expected lines and there was little surprise in it.
Founder Gautam Adani said on X, “Truth has prevailed. Satyameva Jayate. I am grateful to those who stood by us. Our humble contribution to India’s growth story will continue.”
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