The Adani Group’s port unit, Adani Ports, became the first of its entities to recoup all losses triggered by Hindenburg Research’s report in late January, as the conglomerate’s stocks gathered saw an uptick on Tuesday.
Shares of Adani Ports and Special Economic Zone Ltd. surging as much as 7.7%, even as the Adani Enterprises Ltd. flagship stock soared almost 19%.
A committee set up by the Supreme Court to probe the allegations made by the report found no conclusive evidence of stock-price manipulation.
In a 173-page report released last week, the court panel said that based on the data from the markets regulator Securities and Exchange Board of India, or SEBI, it saw ‘no evident pattern of manipulation’ in the steep stock-price rise in Adani’s companies that can be attributed to ‘any single entity or group of connected entities.’
The combined market value of 10 Adani stocks has surged about $22 billion since Thursday’s close, with $10 billion being added to the market cap in a single day.
Hindenburg Research had alleged that offshore shell companies tied to the Adani family were bidding up the Group’s shares.
SEBI has been given time till August 14 by the Supreme Court to close its probe.
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