One of the wealthiest and mighty conglomerate and game changer of capital market, Adani Group’s market capitalization has surged after supreme court released its final report regarding the Adani-Hindenburg Case. Adani group lost nearly half of their capital share after the allegations regarding US short-seller Hindenburg case.
According to Hindenburg research report Adani group was guilty of manipulation of stock and absorbed $140 billion from Adani group’s market share. The allegation was turned down by the group saying it “misinformation” and “Calculated Attack on India”.
According to panel the of Supreme court no regulatory failure on the part of market regulator was recorded on the part of SEBI and also there was no price manipulation from Adani group. After the case was filed against them, the conglomerate Adani took necessary steps to comfort the retail investors.
The panel which was investigating the case consists of retired Supreme Court judge Justice AM Sapre and included retired Bombay High Court Judge Justice JP Devadhar, former State Bank of India Chairman OP Bhatt, former ICICI Bank chief KV Kamath, Infosys co-founder Nandan Nilekani and securities and regulatory expert Somasekhar Sundaresan.
The market price of the capital share of Adani crossed 10 lakh crores rom 9.34 lakh crores. One of the strong arms of Adani group, Adani enterprise led the surging of capital with 19% which was followed by Adani Wilmar with 10%, Adani Ports with 8.15%, Ambuja Cement up to 6%. Adani group added nearly 82000 crores in the market valuation in a single day. The shares of other arms of the conglomerate Adani Green Energy Ltd, has collected nearly 100% market share followed by Adani Power Ltd., Adani Enterprises Ltd., and Adani Transmission Ltd. have surged 77.90%, 94.90%, and 22.20%, respectively.
Overall market share of Adani group has bounced back to 49.2% which was low since February.
Copyright © 2024 HomesIndiaMagazine. All Rights Reserved.
