Adani Companies' Shares Rise for Second Straight Day
By Yifan Wang
Shares of companies in the Adani group rose sharply for a second day on Tuesday, amid buoyant investor sentiment, after a panel appointed by India's Supreme Court found no evidence of price manipulation as alleged by a short seller earlier this year.
Adani Enterprises' shares, the group's flagship company, jumped 13% to INR2,628.00 in the morning session. Shares of Adani Ports & Special Economic Zone rose by 7.7% and Adani Wilmar advanced by 8.4%. Adani Power, Adani Green Energy and Adani Transmission each gained 5.0%.
The rally extended Monday's gains when the group's shares had their best day since Hindenburg Research released a report on Jan. 24, alleging price manipulation, among other things. Adani has denied the allegations.
In March, the Supreme Court of India formed a six-member panel to investigate the cause of market turmoil that engulfed the billionaire Gautam Adani's namesake conglomerate, and examine any regulatory failures or securities-law violations.
The panel in its report on Friday said it wasn't possible to conclude that there had been a regulatory failure around the allegations of price manipulation.
Write to Yifan Wang at yifan.wang@wsj.com
(END) Dow Jones Newswires
May 23, 2023 02:21 ET (06:21 GMT)
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