All 10 Adani Group stocks including Adani Enterprises, Adani Green, Adani Power, and Adani Ports were surging in early trade on Monday.
What Happened: The surge in stock comes after the Supreme Court-appointed committee cleared the Securities and Exchange Board of India (SEBI), the country's market regulator, of any regulatory failings regarding allegations against the Adani Group.
The committee chaired by former Supreme Court judge Justice AM Sapre included OP Bhat, retired Justice JP Devadhar, KV Kamath, Nandan Nilakeni, and Somasekharan Sundaresan. The committee in its report stated that “it would be difficult to arrive at a finding of a regulatory failure on the legislative side when SEBI has been intervening to regularly raise the bar in its stipulation of desirable conduct.”
See Also: What Is Reliance Jio’s Share Price And How To Buy
Enforcement Directorate and SEBI are also probing six short sellers for possible misconduct and insider trading during January and February. The new developments in the Adani-Hidenburg saga seem to have uplifted the sentiments of investors around Adani Group stocks.
Price Action: Here is how Adani Group stock fared in the early hours of trading on Monday.
Adani Enterprises shares traded 17.32% higher at ₹2,295.80.
Adani Green Energy was up 5% to hit the upper circuit at ₹942.40.
Adani Ports & SEZ was up 8.45% to trade at ₹746.30.
Adani Power’s share price jumped 5% to hit upper circuit at ₹248.
Adani Total Gas shares jumped 5% to ₹721.35.
Adani Wilmar was up 10% to hit upper circuit at ₹444.40.
Adani Transmission shot up 5% to hit upper circuit at ₹825.35.
Ambuja Cement shares traded 6.89% higher at ₹431.35. ACC shares traded 6.27% higher at ₹1,837.45.
NDTV was up 4.98% to trade at ₹186.45.
Read Next: Top 10 Richest People In India In May 2023
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.