The Adani Group’s market worth increased by more than $15 billion. On 28th November 2023, Group stocks rose by 20% due to the Supreme Court reserving its order to probe on the Hindenburg report Adani case. With a 19.62% increase to the day’s high of Rs. 642 on the National Stock Exchange (N.S.E.), Adani Total Gas led the pack. Approximately 50 lakh shares were exchanged on the N.S.E. and N.S.E. combined, significantly more than the typical volume of 5 lakhs and 6 lakhs shares each week and month.
On 28th November 2023, the company’s market capitalization soared above Rs. 67,000 crores. Adani Energy Solutions’ shares also reached an intraday high, rising 13% to Rs. 824.50 on the N.S.E. The price of Adani Green Energy shares increased by almost 8%, reaching a high of Rs. 1,011.50 during the day. Adani Power’s stock price increased by more than 7%, reaching a 52-week high of Rs. 423.15. On the N.S.E., Adani Wilmar shares surged 6%, reaching an intraday high of Rs. 338.50.
Adani Enterprises, the flagship conglomerate led by Gautam Adani, saw its shares gain 6% to Rs. 2,370, the day’s high. On the N.S.E., shares of Adani Ports increased by almost 3% to Rs. 826.00.
The rise boosted ports-to-power conglomerate’s market value by over $15 billion
The rise in value increased the ports-to-power conglomerate’s market worth by more than $15 billion, the largest since Hindenburg Research’s allegations. India’s markets were closed for a holiday on 27th November 2023. The Supreme Court of India postponed deciding on the market authorities’ investigation into the Hindenburg report Adani case.
The Securities and Exchange Board of India informed the court during the previous arguments on 24th November 2023 that it will not be requesting more time to finish the investigation into the accusations made against the Adani Group. According to Deven Choksey, a strategist at DR Choksey Finserv, some investors may have read the court arguments because the regulator has not discovered any evidence to support the claims. This could have caused the stocks to rise.
Adani Group’s stock performance
After the Supreme Court finished hearings in the Adani-Hindenburg case and declared that market regulator S.E.B.I. must finish the inquiry in all 24 instances, there was a positive movement in the shares of Adani Group firms. On 28th November 2023, the share prices of all 10 Group firms increased. Adani Total Gas’s share price increased by 20%, reaching a high of Rs 644.15 per share for the day.
The stock hit the upper circuit of Rs. 644.15 on 28th November, 2023. The market capitalization of Adani Total Gas is Rs 70,844.27 crore. Adani Ports and Special Economic Zone Ltd. (A.P.S.E.Z.) shares closed at Rs 837.80, up 5.20%. The volume of Adani Ports’ shares increased by more than 21.03 times over the day. Shares of Adani Energy Solutions closed 19.06% higher at Rs. 868.15. The stock made it as high as Rs. 875.
On 28th November 2023, the price of Adani Green Energy shares shot up 12.27% to Rs. 1052.45 a share, while Adani Power Ltd. shares shot up 12.32% to Rs. 445.80 per share. At 464.30, Adani Power shares reached a new 52-week high. In the intraday session, the market capitalization of the Adani Group was Rs. 10,94,060.61 crore, down from Rs. 10,27,114.67 crores on 24th November 2023. The company’s market capitalization was Rs. 19,19,888.44 crores on 24th January 2023.
GQG Partners: First investor after the Hindenburg report Adani case
The Adani Group’s first investment came from G.Q.G. Partners after a Hindenburg Research report sparked a $150 billion sell-off in the company’s shares. G.Q.G. Partners invested Rs. 15,446.35 crores in 4 group entities on 2nd March 2023. Later, G.Q.G. gradually raised its ownership positions in several Adani Group companies.
Subsequently, the Supreme Court directed S.E.B.I. to look into the claims made by Hindenburg. After considering several arguments, the Supreme Court reserved probing on the Hindenburg report Adani case. The Chief Justice of India, DY Chandrachud, led a bench that stated that the market regulator S.E.B.I. must finish the investigation in all 24 cases but that the court cannot question the market watchdog’s investigation into the issue based just on a few reports in the press.
