Jobaaj Stories
Shares of the Adani Group were in demand today as investors flocked to buy them, leading to an impressive rally that Adani Enterprises led with an 18% intraday surge.
In January 2023, short seller Hindenburg published a malicious report wherein the US-based firm accused the Adani Group of crimes ranging from stock manipulation to corporate fraud. This report resulted in a massive decline in Adani Group’s market cap as the loss to investors was unparalleled.
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However, the Adani Group received a clean chit from a Supreme Court panel on Friday. The Committee focused its investigation on three main areas: Violation of public shareholding rules, failure to disclose related party transactions & manipulation in stock prices.
All Adani Group stocks saw impressive rallies today as Adani Enterprises led the move with an 18+% growth in today’s session, making it one of the company’s best sessions in over three months! According to exchange data, the market cap of the Adani Group improved by almost Rs 70,000 crores as the Group’s market cap regained the Rs 10 lakh crores mark.
At the end of today’s session, the stock of Adani Enterprises closed at Rs 2,326.10 per share, up 18.92% in a single day. It was followed by Adani Wilmar which grew 10% in today’s session while all remaining Adani Group companies reported robust growth of 5% or greater.
Moreover, Ambuja and ACC, Adani Group’s latest acquisitions also benefited from the bullish session today as Ambuja Cements closed at Rs 423.90 per share, up 5.15% & ACC ended today’s session at Rs 1,813.40 per share, up 4.9%.
- Aman Agarwal
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