Adani Wilmar Share Price Surges Ahead of Election Results
Yesterday, ahead of the exit poll results, there was a significant surge in the stock market. The exit polls indicate a big win for the BJP-led NDA. After the exit poll results, Adani Group companies saw an increase in their share prices. The shares of Adani Power saw the highest jump, with a 15% increase. It seems like the country’s reins will once again be in the hands of Narendra Modi.
On Tuesday, June 4, 2024, the share was trading at Rs. 342 with a 7.07% drop. Following the exit poll results, Adani Group companies’ shares reached a 52-week high. Adani Power’s shares registered the highest increase of 15%.
On June 3, 2024, all 10 companies of the group saw a rapid increase in their share prices. Following this surge, the group’s market cap crossed Rs. 20 lakh crores. In January 2023, US-based short-seller Hindenburg Research made several allegations against the Adani Group, causing turmoil in the stock market. However, after investigations by Parliament and the Supreme Court, SEBI dismissed all charges.
After Friday’s surge, the market cap surpassed Rs. 18 lakh crores. On Monday, as soon as the market opened, the market cap reached Rs. 20 lakh crores. Before the Hindenburg case, the group’s market cap was Rs. 24 lakh crores.
The market capitalization of three companies of the group ★Adani Enterprises, Adani Ports, and Adani Green Energy ★is more than Rs. 3 lakh crores. The number of investors in Adani Group’s shares has seen a significant increase, reaching 67 lakhs. According to the group’s annual report for 2023-24, the number of shareholders in the financial year ending March 2019 is six times higher.
Gautam Adani, the Chairman of Adani Group, stated in a recent annual report that the group’s resolve has strengthened after facing challenges last year.
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