Adani Group stocks continued dazzling on Tuesday (May 23), with most of them hitting their upper circuit levels in early trade, as sentiment remain upbeat about the group stocks after the group got a clean chit from the Supreme Court (SC) panel. The SC-appointed panel looking into allegations made by Hindenburg Research found no evidence of a ‘regulatory failure’ by the market regulator Securities and Exchange Board of India (SEBI).

According to the 173-page report, the committee found “no evident pattern of manipulation” in the sharp stock price rise in billionaire Gautam Adani’s companies that can be attributed to “any single entity or group of connected entities.”

Nevertheless, investigations are still being conducted. The Supreme Court has given SEBI until August 14 to wrap up its investigation into potential securities law violations by the Adani Group as well as any odd market activity in its stocks.

Shares of Adani Enterprises surged 15 per cent upper circuit of ₹2,674.35 soon after opening and shares of Adani Wilmar also hit their 10 per cent upper circuit of ₹488.80 early in trade.

Shares of Adani Power shares opened at their 5 per cent upper circuit of ₹260.40, Adani Transmission opened at a 5 per cent upper circuit of ₹866.60, Adani Green Energy opened at a 5 per cent upper circuit of ₹989.50 and Adani Total Gas opened at a 5 per cent upper circuit of ₹757.40.

Shares of Adani Ports jumped almost 8 per cent in early trade.

Most of these stocks had clocked strong gains in the previous session too.

Six out of 10 Adani Group stocks hit their upper circuits on May 22, with the group market value in dollar terms rising by $9.7 billion to $122.9 billion from the previous session, the most since 30 August last year when it rose by $10.2 bn to $271.7 billion. However, despite Monday’s rise, the overall market cap at ₹10.16 trillion still languishes ₹9 trillion below that on 24 January when the Hindenburg Research report surfaced.

The largest contributor to the market value increase was Adani Enterprises, which advanced 18.92 per cent to ₹2,316. This alone contributed to a little over half of the market cap increase of ₹81,998 crore. The second-biggest contributor was Adani Ports which gained 6.05 per cent to ₹729.7 a share.

The Hindenburg episode had hit the Adani Group stocks hard. US short-seller Hindenburg Research in a report on January 24 accused the Adani Group of improper use of offshore tax havens and flagging concerns about high debt that sent the Group stocks to crash.

Following this, the stocks of Adani Group companies crashed dramatically.

On May 17, the apex court gave Sebi time till 14 August to complete its probe into the allegations thrown up by the Hindenburg report.

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