Here’s why Adani Group stocks rallied in today’s trade

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.

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