Adani Energy Solutions witnessed a surge of 11.60%, reaching ₹1,183.90, following a Supreme Court ruling that refused to interfere in the market regulator’s investigation into allegations of stock price manipulation by the Adani Group. This decision, considered favorable for the conglomerate, led to a significant rise of up to 12% in the group’s stocks. Consequently, the Adani family surpassed Mukesh Ambani of Reliance Industries, reclaiming the title of India’s wealthiest promoter.
Post the ruling, the Gautam Adani family’s net worth increased to ₹9.37 lakh crore from ₹8.98 lakh crore, while Mukesh Ambani’s family saw a slight decrease to ₹9.28 lakh crore from ₹9.38 lakh crore. The gain contributed to an overall market capitalization increase of over ₹15 lakh crore.
Adani Group stocks experienced notable rallies:
– Adani Total Gas rose by 9.84%, closing at ₹1,099.05.
– Adani Green Energy climbed 6% to ₹1,698.75.
– Adani Power’s shares increased by 5% to ₹544.65.
– Adani Wilmar gained 3.97%, closing at ₹381.05.
– NDTV shares jumped by 3.66% to ₹281.60.
– Adani Enterprises saw a 2.45% increase, closing at ₹3,003.95.
– Adani Ports recorded a 1.39% rise, reaching ₹1,093.50.
– Ambuja Cements shares rose by 0.94% to ₹535.60.
– ACC inched up by 0.10%, closing at ₹2,270.
The Supreme Court declined to transfer the investigation to a special investigation team or the CBI, highlighting SEBI’s ongoing “comprehensive investigation.” The court directed SEBI to promptly conclude the two pending investigations, preferably within three months. The bench acknowledged SEBI’s conclusion of 22 out of 24 investigations into allegations against the Adani Group.
Billionaire Gautam Adani expressed satisfaction, stating, “The Hon’ble Supreme Court’s judgment shows that truth has prevailed. Satyameva Jayate.” In response, Congress general secretary Jairam Ramesh criticized Adani, questioning the proclamation of truth when allegations of gaming and manipulation have persisted.