Adani Enterprises, other Adani group shares jump up to 41% post SC panel report, add $22 billion to investor wealth

Adani group stocks including Adani Enterprises Ltd, Adani Wilmar Ltd and Adani Ports and Special Economic Zone Ltd have rallied up to 41 per cent in a three-day rally since the Supreme Court panel report. Data compiled from corporate database Ace Equity suggested 10 of Adani group's listed companies have added a whopping Rs 1.81 lakh crore (or roughly $22 billion) in market capitalisation in the three-day period.

A Supreme Court appointed panel on Friday said it found no regulatory failure around price manipulation in the conglomerate's stocks and violation of minimum public shareholding rules. Adani Enterprises, the Adani group's flagship, surged 15 per cent to hit a high of Rs 2,674.35 on Tuesday. The stock has soared 41 per cent over its Thursday's closing of Rs 1,888.05.

Adani Wilmar surged 10 per cent to Rs 488.80 on Tuesday. This stock has risen 29.27 per cent in the three sessions. Shares of Adani Ports are up 16 per cent in the three day session. The scrip was up 6 per cent in Tuesday's intraday trade. Thanks to a 5 per cent jump on Tuesday, Adani Power is up 16 per cent in the three-day period. Adani Transmission and Adani Green Energy are up 15 per cent each in the three-day period. Adani Total Gas and NDTV added 14 per cent each while cement makers ACC and Ambuja Cements gained 8-9 per cent during this period.

The panel report noted: "The committee is of the view that it would not be possible to return a finding of a regulatory failure in relation to compliance with the regulatory stipulations governing minimum public shareholding stipulation..."

It said the Hindenburg Report contained no new data but was substantially a collection of inferences from data in the public domain.

In its report to the apex court, the AM Sapre committee noted that the base of Sebi suspicion that led to the investigations into the overseas entities' ownership of Adani Group is that the group has an 'opaque' structure due to which the ultimate chain of ownership around the 13 overseas entities is not clear. 

It further noted that the Sebi has identified 13 specific transactions where it is investigating the underlying transactions regardless of whether they are legally considered 'related party transactions' from the standpoint of assessing if they were fraudulent in nature.