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Adani group m-cap posts biggest rise since Hindenburg report
Mint Mumbai
|November 29, 2023
The Adani Group of stocks showed its biggest increase in market capitalization of over a trillion rupees for the first time since the Hindenburg report surfaced, days after the Supreme Court reserved its judgement on a bunch of public interest litigations pleading for a court-monitored investigation into allegations of corporate malfeasance and manipulation against the ports to renewables conglomerate.
The market, which was closed for the Guru Nanak Jayanti holiday on Monday, reacted to the conclusion of the SC hearing on Friday as investors interpreted some of the SC’s observations as its having confidence in Sebi’s investigation pertaining to the Hindenburg report that was released on 24 January.
This led to short-covering and fresh buying in group counters causing a total ₹1.04 trillion rise in the market cap of all 10 listed group companies. The charge was led by flagship Adani Enterprises, the group flagship, whose 8.9% rise contributed ₹22,578 crore to the group level market cap.
Also, there was heavy investor interest in Adani Power
This story is from the November 29, 2023 edition of Mint Mumbai.
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