In a positive development for industrialist Gautam Adani, the share price of Adani Group witnessed a significant surge today, jumping by 20% as soon as the market opened. This spike in share price comes after the Supreme Court dismissed doubts raised on the Securities and Exchange Board of India (SEBI) by the High Court last week. Adani Total Gas saw a 20% increase in shares, while Adani Energy witnessed a decline of 13%. Adani Enterprises and Adani Ports and Special Economic Zone also experienced a surge of 4% and 3% respectively. Adani Power reached a new high of Rs 423 per share.
Earlier this year, in January, Hindenburg Research had made serious allegations against the Adani Group, which were later investigated by SEBI. These allegations had a negative impact on the group’s share prices. However, the Supreme Court’s dismissal of doubts on SEBI has resulted in a significant boost for the Adani Group’s shares. The SEBI had informed the Supreme Court on Friday that it would not seek any more time to investigate the Adani-Hindenburg case. This year in May, a special committee appointed by the Supreme Court stated in its interim report that there was no significant evidence of manipulation in the share prices of Gautam Adani Group’s companies. The committee also mentioned that the regulator had failed in this case. During the hearing, Chief Justice D. Y. Chandrachud questioned what steps SEBI would take to protect the investments of shareholders when there is a significant fluctuation in the stock market.
Adani Gas Share Price 29 November 2023:
1. Adani Group shares witnessed a significant jump of 20% as soon as the market opened.
2. The allegations made by Hindenburg Research on Adani Group were investigated by SEBI, and the High Court concluded that there was no basis to doubt SEBI’s investigation.
3. Adani Total Gas shares saw a surge of 20% in the early session, while Adani Energy shares experienced a decline of 13%.
4. Adani Enterprises, Adani Ports and Special Economic Zone, Adani Green Energy, Adani Power, Adani Wilmar, NDTV, Ambuja Cement, and ACC shares rose by 2-7%.
5. Adani Power reached a new high of Rs 423 per share.
6. The Supreme Court has been informed that SEBI will not seek additional time to investigate the Adani-Hindenburg case.
7. A special committee appointed by the Supreme Court earlier this year found no significant evidence regarding fluctuations in the share prices of Gautam Adani’s companies.
8. During the hearing, the Chief Justice of India questioned what steps SEBI would take to protect investors’ capital in a volatile market.
9. SEBI’s Solicitor General, Tushar Mehta, represented the organization during the hearing.
10. The Supreme Court asked SEBI about the measures it would take to safeguard investors’ interests amidst the fluctuations in the stock market.
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