Here’s why Adani Group stocks rallied in today’s trade
by mydhanush on 28 November 2023, 2 min read
Sebi informed the Supreme Court that it does not need additional time to complete its investigation into the Adani Group.
Adani Group stocks surged as much as 16 percent intraday on November 28 after the Supreme Court (SC) concluded hearings on several petitions demanding an inquiry into the Adani-Hindenburg matter.
Also, the Securities and Exchange Board of India (Sebi) informed the SC that it does not need additional time to complete its investigation into the Adani Group.
Share price of Adani Total Gas zoomed 16 percent while Adani Power surged almost 7 percent. Adani Enterprises rose over 6 percent. Adani Ports added 3 percent while Adani Wilmar gained over 5 percent. The other gainers included Adani Green Energy up over 6 percent, Ambuja Cements up 2.5 percent and NDTV up 5.34 percent.
The apex court’s three-judge panel, led by Chief Justice D. Chandrachud concluded hearings on several petitions demanding an inquiry into the Adani-Hindenburg matter and asked for written submissions by Monday.
On January 24, US-based Hindenburg Research published a report accusing the Adani Group of engaging in fraudulent activities to artificially inflate its stock prices. The Group has strenuously denied these allegations with a detailed rebuttal.
Disclaimer: The information provided in this blog post is for informational purposes only and should not be construed as investment or trading advice. The author is not a financial advisor and does not have any professional qualifications in this area. The author does not guarantee the accuracy or completeness of the information provided. Any action you take based on the information in this blog post is done at your own risk. Please consult with a financial advisor before making any investment decisions.
How useful was this post?
Click on a star to rate it!
Average rating 0 / 5. Vote count: 0
No votes so far! Be the first to rate this post.
Spread the love
Open Free Demat Account!
In just a few minutes, Simply provide some basic personal details, to get started.
As you are aware, under the rapidly evolving dynamics of financial markets, it is crucial for investors to remain updated and well-informed about various aspects of investing in the securities market. In this connection, please find a link to the BSE Investor Protection Fund website where you will find some useful educational material in the form of text and videos, so as to become an informed investor.