Adani shares soar: Investors gain ₹1.2 lakh crore in best day since Hindenburg crisis

Investors witnessed a significant upswing in Adani stocks, surging up to 20% following the positive sentiment from Friday's Supreme Court hearing regarding the Hindenburg issue.

This single trading session added Rs 1.19 lakh crore to investors' wealth. It marked the conglomerate's best trading day since the Hindenburg attack that resulted in substantial losses earlier in the year.

Shares of Adani Total Gas zoomed 20 per cent, 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 by 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 the 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 at the close of trading on Friday. Thus, the combined market valuation of all the 10 firms went up by about Rs 1 lakh crore on Tuesday.

Also read/watch - Adani vs Hindenburg case: Supreme Court reserves verdict on PILs for court-monitored probe

What's driving the rally

Adani Group stocks surged following recent developments in the Adani-Hindenburg case, notably the Supreme Court's hearing on Friday. The Court reserved its verdict on petitions seeking an investigation into allegations made by Hindenburg Research against the Adani group regarding stock market regulation violations.

Market experts link the rise in Adani shares to the Supreme Court's indication that it trusts SEBI's investigation into Hindenburg Research's allegations of stock manipulation. Avinash Gorakshkar from Profitmart Securities highlighted the positive sentiment but cautioned about potential profit booking triggering a downward correction.

SEBI informed the Supreme Court that it doesn't need additional time for its investigation, having resolved 22 out of 24 cases related to the Hindenburg issue. The remaining aspects hinge on data from foreign regulatory bodies.

Chief Justice DY Chandrachud's panel concluded hearings on petitions and requested written submissions by Monday regarding the Adani-Hindenburg matter.