Business Standard

5 Adani Group stks freeze at 5% upper limit; AWL, Adani Ent surge up to 8%

Shares of Adani Group companies were in demand for the second straight trading day after the SC-appointed panel said that it not possible to conclude that there was a regulatory failure at this stage.


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SI Reporter Mumbai

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Shares of Adani Group companies continued their upward movement for the second straight day, surging up to 8 per cent on the BSE in Monday's intra-day trade after the Supreme Court (SC) appointed panel said that at this stage it is not possible to conclude that there was a regulatory failure on the price manipulation allegation.

Adani Power (Rs 248), Adani Transmission (Rs 825.35), Adani Green Energy (Rs 942.40), Adani Total Gas (Rs 721.35) and New Delhi Television (NDTV) (Rs 186.45) were locked at the 5 per cent upper circuit on the BSE with only buyers at these counters.

Adani Wilmar (up 8 per cent at Rs 435), Adani Enterprises (up 5 per cent at Rs 2,048), Adani Ports and Special Economic Zone (up 3 per cent at Rs 709.60), Ambuja Cements (Rs 406.20) and ACC (Rs 1,746.35) were up 1 per cent each. In comparison, the S&P BSE Sensex was up 0.22 per cent at 61,864 at 09:30 AM.

The Supreme Court's six-member panel said that “prima facie it would not be possible to conclude if there has been a regulatory failure around the allegation of price manipulation in the Adani scrips," in the Adani-Hindenburg case. It has recommended that all investigation be completed in a time-bound manner. READ MORE

The SC-appointed committee said market regulator Sebi and the Enforcement Directorate found evidence of short selling and profiting following the Hindenburg Research report publication on January 24 and were investigating the role of six entities which indulged in short selling. CLICK HERE FOR FULL REPORT

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First Published: May 22 2023 | 9:57 AM IST

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