Adani Group shares rose sharply on Tuesday after the Supreme Court of India concluded hearings on a series of petitions seeking an investigation into allegations of stock manipulation against the group.
The Supreme Court said it would reserve its order on the petitions, but its decision to conclude the hearings was seen by investors as a positive sign for the Adani Group.
Adani Enterprises, the flagship company of the Adani Group, rose by 14.6% on Tuesday, while Adani Ports and Adani Power rose by 11.4% and 9.4%, respectively. The rally in Adani Group shares comes as a relief to the group, which has been under pressure since US-based short-seller Hindenburg Research published a report in January alleging that the group had engaged in stock manipulation and accounting fraud.
Adani Group has denied the allegations, and the Supreme Court’s decision to conclude the hearings without making any adverse findings is seen as a vindication of the group’s position.
“The Supreme Court’s decision to conclude the hearings is a positive sign for the Adani Group,” said an analyst at a leading brokerage firm. “The market is now looking forward to the Supreme Court’s order, which is expected to be in favor of the Adani Group.”
The rally in Adani Group shares is also likely to be a boost for the Indian stock market, which has been under pressure in recent weeks due to concerns about rising inflation and interest rates.
The Adani Group is one of India’s largest conglomerates, with interests in ports, power, energy, and logistics. The group is also one of the largest employers in India.
The rally in Adani Group shares is a positive development for the Indian economy, as it will help to boost investor confidence and could lead to increased investment in India.