The value of Adani Enterprises Ltd shares increased from Rs 1886 on May 17 to Rs 2759 today
The shares of Adani Enterprises Ltd, the flagship company of Adani Group, have experienced a remarkable surge of over 46 percent in the last five days. This surge in share prices came after a recent finding by the Supreme Court-appointed committee, which has provided a positive outlook for investors.
The surge in Adani Enterprises shares began on Friday when a committee led by retired judge A.M. Sapre, assigned to investigate the Adani-Hindenburg controversy, disclosed its findings. The committee, after considering explanations provided by the Securities and Exchange Board of India (SEBI) and analyzing empirical data, stated that there was no regulatory failure regarding the allegations of price manipulation.
The committee said that SEBI, in its investigation, has also discovered that certain entities had taken short positions before the Hindenburg report was published. These entities subsequently profited from closing their positions after the report caused the share price to drop.
Committee’s findings elevate investors’ confidence
Investors reacted positively to the committee’s findings, leading to a surge in Adani Enterprises’ share prices. The publication of the report on Friday initiated the upward trajectory, which continued in subsequent trading sessions.
As a result of the report, the value of the shares increased from Rs 1886 on May 17 to Rs 2759 today, marking a significant rise of 46.28 percent within a span of just five trading sessions.
Apart from it, other stocks within the Adani Group also jumped after the findings of the committee become public. Adani Ports experienced a surge of nearly 10 percent, while Adani Green Energy skyrocketed by nearly 13 percent over the same five-day period.
Adani Enterprises shares not fully recovered
Despite the substantial surge of over 46 percent in the past five days, it is important to note that Adani Enterprises shares are still down by 19.8 percent when compared to their value on January 24.
It was on that day that the Hindenburg report, which made allegations against the Adani Group, was released, causing the share value to decline significantly. On January 24, the share value of Adani Enterprises stood at Rs. 3442.
The recent surge in Adani Enterprises shares, driven by the positive findings of the committee investigating the Adani-Hindenburg controversy, has brought renewed optimism among investors.
