The shares of Adani group companies surged up to 20 per cent as the Supreme Court heard and reserved its verdict on a batch of petitions seeking examination of allegations of fraud against the conglomerate.
Investors flocked to the counters of all the 10 listed companies, with shares ending with sharp gains even as the equity market depicted huge volatility during the day.
The Supreme Court on Friday had reserved its verdict on petitions against the conglomerate on allegations raised by US short-seller Hindenburg Research in January 2023 after the country’s markets regulator said that it would not seek more time to complete its probe.
“A section of the market believes the worst is over and that the group has got an all-clear,” Ajay Bodke, an independent market analyst was quoted by Reuters.
Adani Total Gas, which was among the worst hit after the Hindenburg report jumped 20 per cent on the day.
Adani Energy Solutions surged 19.06 per cent, Adani Power soared 12.32 per cent, Adani Green Energy jumped 12.27 per cent, NDTV advanced 11.73 per cent, Adani Wilmar went up 9.96 per cent and Adani Enterprises climbed 8.66 per cent on the BSE.
Adani Ports gained 5.20 per cent, Ambuja Cements climbed 4.22 per cent and ACC went up by 2.62 per cent.
The combined market valuation of all 10 firms soared to Rs 11.31 lakh crore at the end of trade on Tuesday.
It stood at around Rs 10.26 lakh crore on Friday. On Friday, nine of the 10 group companies ended in the green.
Equity markets were closed on Monday for Guru Nanak Jayanti.
On Tuesday, the 30-share BSE Sensex ended 204.16 points or 0.31 per cent up at 66174.20 after facing heavy volatility during the day. The Nifty climbed 95 points or 0.48 per cent to 19889.70.
Among the Sensex firms, Tata Motors, Bajaj Finserv, UltraTech Cement, Bharti Airtel, Bajaj Finance, NTPC, Titan and Axis Bank were the major gainers.
ITC, Hindustan Unilever, ICICI Bank and Power Grid were among the laggards.
“The gradual return of FIIs in November post the global sell-off in the past three months is having a steady positivity,” said Vinod Nair, Head of Research, Geojit Financial Services.
