Adani group shares rally; ATGL, Adani Energy, Adani Power surge up to 20%

The Supreme Court, last Friday, reserved its order in the Adani-Hindenburg case, and indicated that it might pass some more directions to the Securities and Exchange Board of India

Shares of Adani group companies were in focus on Tueday as they rallied up to 20 per cent on the BSE in Tuesday's intraday trade on the back of heavy volumes after the Supreme Court, on Friday, reserved its order in the Adani-Hindenburg case, and indicated that it might pass some more directions to the Securities and Exchange Board of India (Sebi).

Meanwhile, Sebi told the court it would not seek an extension to complete its investigation of the matter.

The expert committee, in its interim report in May, said it saw "no evident pattern of manipulation" in the Adani firms, and there was no regulatory failure. The panel, however, had cited certain amendments made by Sebi between 2014 and 2019 that had hampered the regulatory body’s ability to investigate.
 

The committee said its probe into alleged violations of money flows from offshore entities had "drawn a blank". CLICK HERE FOR FULL REPORT

Following the Supreme Court action, the stocks of Adani group companies were in the limelight and surged up to 20 per cent on the BSE. In comparison, the S&P BSE Sensex was up 0.09 per cent at 66,023 at 09:23 AM.

Among the individual stocks, Adani Total Gas (ATGL) soared nearly 20 per cent to Rs 642.10 with two-fold jump in average trading volumes. Adani Energy Solutions rallied 13 per cent to Rs 824, followed by Adani Green Energy (8 per cent at Rs 1,008.20), Adani Power (7 per cent at Rs 423.15), Adani Wilmar (6 per cent at Rs 335.15), Adani Enterprises (5 per cent at Rs 2,345), and New Delhi Television (NDTV) (5 per cent at Rs 216).

Despite today's rally, these stocks continue to trade 47 per cent to 87 per cent lower from their respective 52-week lows.