Adani Enterprises Leads Group Stock Surge With Biggest Gains In Over Three Months
The market capitalisation of the conglomerate crossed Rs 10 lakh crore for the first time since the Hindenburg report.
Adani Group companies added nearly Rs 82,000 crore in market value Monday after the panel appointed by the country's highest court dismissed systemic risk in the stocks.
The market capitalisation of the conglomerate crossed Rs 10 lakh-crore to Rs 10,17,685 crore, according to BQ Prime calculations. That's the highest since the group's valuation fell after the Hindenberg Research report released on Jan. 24.
Adani Enterprises Ltd. rose the most by 18.92% to Rs 2,340.65 apiece compared to a 0.67% advance in the benchmark NSE Nifty 50 Index. That's the biggest single-day gain since Feb 9.
The Supreme Court-appointed panel concluded that, based on SEBI's findings, volatility in the Adani stocks after the Hindenburg Research report did not lead to any systemic risk.
"The events related to Adani Group companies did not have any significant impact at the systemic level," the panel led by Justice Abhay Manohar Sapre said in the report.
Adani Wilmar Ltd. led the pack with 18.92% gains, followed by Adani Wilmar Ltd., which advanced 9.99%.
However, ACC Ltd. was the lowest in the pack with a 4.88% gain.
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