Shares of billionaire Gautam Adani-controlled Adani Group companies continued their rally for the second straight session on Tuesday, led by flagship Adani Enterprises (AEL), after the Supreme Court-constituted committee concluded there was no regulatory failure on the allegations of stock price manipulation.

Early in Tuesday’s session, all 10 listed Adani Group stocks were trading in green zone, with five stocks hitting their upper circuit limits, while Adani Enterprises surged as much as 17% in early trade on Tuesday. Adani Power, Adani Green, Adani Transmission, NDTV, and Adani Total Gas were locked in their respective 5% circuit limits. 

Among others, newly acquired cement entities ACC and Ambuja Cements climbed 2.9% and 4.1%, respectively, while Adani Wilmar and Adani Ports and SEZ zoomed as much as 10% and 7.8%, respectively.

The Gujarat-based conglomerate registered their biggest single-day gains in the calendar year 2023 on Monday, with Adani Enterprises climbing nearly 19%. Following today’s rally, the combined market valuation of the 10 listed Adani Group firms reached ₹10,79,277 crore. Driven by strong rally, the market valuation has gone up by ₹1.45 lakh crore in the last two sessions from ₹9,34,485 crore at the close of trade on Friday.

The Adani Group stocks got a boost after a committee headed by former Supreme Court judge Justice AM Sapre, in its 173-page report, said that market regulator Securities and Exchange Board of India (SEBI) found that six entities took short positions before the Hindenburg report was released and profited by squaring off their positions. SEBI examined whether there has been any unusual trading pattern proximate to the release of the Hindenburg Report.

“The trading pattern here is suspicious because of the build up of short positions by these entities in the Adani scrips prior to the Hindenburg Report, and substantial profits earned by them by squaring off their short positions after publication of the Hindenburg report on January 24, 2023,” the panel says.

On March 2, the Supreme Court had formed a panel to examine the alleged violation of market laws by Adani Group and its listed companies. The apex court’s expert committee includes former SBI chairman OP Bhatt, Justice JP Devdatt, veteran banker KV Kamath, Infosys co-founder Nandan Nilekani and advocate Somasekhar Sundaresan.

Last week, the apex court granted SEBI an extension of three months till August 14, 2023, in relation to the market regulator's inquiry into the Adani Group-Hindenburg case. SEBI had sought additional six months' time to complete the probe in the Adani-Hindenburg case, saying this much time is required “to ensure that justice is carried out while keeping the interest of investors”.

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