Adani Group’s market capitalization crosses rupees10 lakh crore as its stocks surge

New Delhi: Months after the New York based short-seller’s damaging report, Adani Group stocks surged on Monday in response to a clean-chit given by the Supreme Court-appointed panel, NDTV reported.

Hindenburg's allegations in January have caused a mayhem at the conglomerate’s diverse areas of interest despite its reports countering the allegations.

Subsequently, Adani Group went into a period of fortifying its base with several steps including control on expenditure and investments.

On Monday, the situation turned in favour of the Indian giant with stocks jumping as much as 15 per cent, according to NDTV.

More important, the group market capitalization crossed the ₹ 10 lakh crore mark, alongside market share peeking from ₹ 9.34 lakh crore on Friday.

The group’s flagship Adani Enterprises marked an 18 percent surge in trade on Monday, which was followed a 10 per cent rally by Adani Wilmer, while Adani Ports reported 8.15 percent and Ambuja Cements was up 6 per cent.

Adani Green Energy, which a previous media report suggested huge prospects of growth, alongside Adani Power, Adani Total Gas, Adani Transmission and NDTV marked 5 per cent upper circuit limits.

The expert panel, headed by retired Supreme Court judge Justice AM Sapre, in its report on Friday said there was no regulatory failure on the part of the Securities and Exchange Board of India, adding that the company involved in no price manipulation.

Alongside the expert panel reportedly said the conglomerate’s ‘mitigating measures’ helped building up confidence in the stock, adding that it had taken steps to ‘comfort investors’.

The expert panel, formed on March 2, also included retired Bombay High Court judge Justice JP Devadhar, former State Bank of India Chairman OP Bhatt, former ICICI Bank chief KV Kamath, Infosys co-founder Nandan Nilekani and securities and regulatory expert Somasekhar Sundaresan, according to NDTV.