SEBI has given a clean chit to the Adani Group regarding the allegations made by Hindenburg Research, leading to a b rally in Adani shares on Monday. Adani Power surged by up to 19%, Adani Green by 6%, and Adani Enterprises by 3%. The group is now demanding accountability from Hindenburg for the losses incurred by investors.
Adani Stocks: On Monday, Adani Group stocks witnessed a b surge after SEBI gave a clean chit to the group regarding the allegations by Hindenburg Research. Adani Power registered an increase of 19%, Adani Green Energy 6%, and Adani Enterprises over 3%. Adani Ports and Adani Energy Solutions also showed strength. Following SEBI's clean chit, the group is now demanding accountability from Hindenburg for the significant losses incurred by investors, which has restored investor confidence and triggered a new rally in shares.
Performance of Adani Enterprises and Other Stocks
Adani Enterprises' share price rose by 3.41 percent to reach ₹2,610. Subsequently, it was trading at ₹2,601 with a gain of 3.1 percent. Amidst growing investor enthusiasm, the stock has registered a gain of over 8.5 percent since Friday. Notably, this stock is currently trading at 5.4 times its 30-day average trading volume.
Adani Power saw the most significant surge. After the split, this stock jumped by up to 19 percent. Adani Green Energy's share rose by up to 6 percent, while Adani Energy Solutions was trading with a gain of approximately 3 percent. Adani Ports also closed 1.5 percent higher. On Friday alone, Adani Group stocks had registered a market cap increase of ₹66,000 crore.
Demand for Accountability from Hindenburg
The Adani Group is now demanding accountability from Hindenburg Research. In 2023, Hindenburg's report wiped out approximately $150 billion in valuation from Adani Group companies. Millions of investors were affected by this event. However, after SEBI's investigation, it was clarified that the transactions highlighted in Hindenburg's report could not be considered related-party transactions, and the group had not engaged in any manipulation.
Gautam Adani's Statement
Following SEBI's clean chit, Gautam Adani, Chairman of Adani Group, stated that after a prolonged investigation, SEBI reiterated what the group had always maintained – that Hindenburg's claims were baseless. He added that transparency and integrity have always been the hallmark of the Adani Group. His statement proved to be a confidence booster for investors and further strengthened the buying spree in the market.
Return of Investor Confidence
SEBI's clean chit and the group's transparency have restored investor confidence. This trust was directly reflected in the buying of shares in the market. Adani Power's 19 percent surge and the rally in other flagship companies confirm this belief. Investors have placed their trust in Adani Group stocks for the long term.
Now, market attention is focused on what steps the Adani Group will take next to establish accountability against Hindenburg. Experts believe that if the group takes appropriate action on legal and financial fronts, investor confidence could increase further in the future. Additionally, other Adani Group stocks in the market may also show strength.
