Adani Power, Adani Ports to Adani Enterprises: Adani shares jump after Adani-Hindenburg case hearing in Supreme Court | Mint
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Business News/ Markets / Stock Markets/  Adani Power, Adani Ports to Adani Enterprises: Adani shares jump after Adani-Hindenburg case hearing in Supreme Court
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Adani Power, Adani Ports to Adani Enterprises: Adani shares jump after Adani-Hindenburg case hearing in Supreme Court

Adani Power shares today opened upside and touched new all-time high during morning deals

All Adani group shares witnessed sharp upside movement during Tuesday morning deals. (REUTERS)Premium
All Adani group shares witnessed sharp upside movement during Tuesday morning deals. (REUTERS)

Adabni-Hindenburg row: Adani group shares today witnessed sharp upside movement during morning deals. Adani Power shares today opened upside and went on to touch new all-time high of 428 apiece on NSE. Adani Ports share price today opened upside and went on to hit intraday high of 826 per share levels on NSE, logging near 4 per cent intraday gain against Friday close of 795.55 per share levels. Flagship Adani group stock Adani Enterprises shares opened with an upside gap and touched intraday high of 2,374.90 apiece within few minutes of stock market's opening bell today.

Adani Total share price today opened with uside gap at 550 per share levels and went on to hit intraday high of 642 apiece levels on NSE, ascending more than 15 per cent during Tuesday deals. Adani Energy Solutions share price ascended to the tune of over 13 per cent during morning deals. Adani Green Energy sjhot up over 7.50 per cent in early morning session on Tuesday. Other Adani group stocks were also trading in positive territory during early morning session on Tuesday.

According to stock market experts, Adani shares are rising after the Adani-Hindenburg case hearing in Supreme Court (SC) on Friday last week. In that case, Supreme Court reserved its verdict in a batch of PILs seeking a Court-monitored investigation into the allegations made by US-based short-selling firm Hindenburg Research against the Adani group of companies regarding violations of stock market regulations.

Speaking on the possible reason for sharp upside movement in Adani shares, Avinash Gorakshkar, Head of Research at Profitmart Securities said, "Adani shares are rising after the Supreme Court hearing on Adani-Hindenburg case. In its hearing on Friday Supreme Court made it clear that it didm't found anything to doubt SEBI's probe on Hindenburg Research alleging manipulation of company stocks. This has gone down well among stock market bulls and they are buying heavily in Adani group shares."

Adani news

However, Avinash Gorakshkar maintained that the rise is sentimental and profit booking may trigger any time. So, one should book profit and exit as there can be sharp downside movement in Adani group shars after profit booking trigger.

The Securities and Exchange Board of India (Sebi) on Friday informed the Supreme Court that it does not need additional time to complete its investigation into the Adani-Hindenburg row, with 22 of the 24 cases related to the Hindenburg matter already resolved. The probe's remaining aspects hinge on data from foreign regulatory bodies. The apex court's three-judge panel, led by chief justice D. Chandrachud, has concluded hearings on several petitions demanding an inquiry into the Adani-Hindenburg matter, and asked for written submissions by Monday i.e. today.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decision.

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ABOUT THE AUTHOR
Asit Manohar
Chief Content Producer at Live Mint Digital Team
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Check all the latest action on Budget 2024 here. Download The Mint News App to get Daily Market Updates.
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Published: 28 Nov 2023, 10:48 AM IST
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