Adani stocks rally up to 7% after relief from SC panel

Adani group shares rallied up to 7% on Friday after a Supreme Court-appointed panel said it had not found ‘regulatory failure’ around allegations of price manipulation in the conglomerate’s stocks and violation of minimum public shareholding rules. While Adani Wilmar shares surged nearly 7%, Adani Power, Adani Transmission and Adani Green Energy shares gained between 4% and 5%.

Earlier in Friday’s session, most of the Adani stocks were trading lower. Four stocks-Adani Green, Adani Power, Adani Transmission and Adani Wilmar-recovered more than 10% from the day’s low. Adani Total Gas recovered nearly 9% from the day’s low.

The group’s market capitalisation, which plunged nearly ₹65,000 crore between Monday and Thursday, gained ₹33,445 crore on Friday. Adani stocks were under pressure this week after global index services provider MSCI announced the removal of two Adani Group stocks – Adani Transmission and Adani Total Gas -from the MSCI Global Standard Index as part of its May rejig.

Adani stocks had taken a beating since January 25 when US-based activist short-seller Hindenburg Research released a report accusing the port-to-power conglomerate of fraudulent transactions and share price manipulation. The group’s ten listed firms have lost ₹9.87 lakh crore in market capitalisation since then.