As the Supreme Court instructed the SEBI to investigate if the Adani business had broken any securities laws, shares of the Adani group fell from their day’s high but kept moving in the green. According to the top court, SEBI will deliver its assessment within 2 months.
The Chairman of Adani Group, Gautam Adani tweeted his appreciation for the order and that, it will provide closure promptly. The truth will win out.
Even though the company refuted rumors of a $3 billion line of credit from a sovereign fund, the shares received plenty of attention in the blocking deal window.
Adani’s Block Deals Proves Lucky
Around 3.5 percent of Adani Enterprises’s equity changed hands amounting to 3.9 crore shares on 2nd March. The entire deal was valued at ₹5520 Cr. Furthermore, Adani Green Energy, Adani Transmission, and Adani Ports witnessed block deals of 3.5 percent, 2.5 percent, and 4.1 percent stakes, respectively.
Adani Transmission and Adani Green stocks began in the green following the block deals as well as reached the 5% higher circuit in early trade. After beginning the day’s trading in the red, Adani Enterprises rapidly recovered from its opening low of Rs 1,407.
The stock was trading on the NSE at Rs 1,607 per share at noon, up 2.7 percent from the prior close. At 10:30 am, it reached a peak of Rs 1,646 for the day. Adani Ports was also trading at Rs 606.15 at the same time, up 0.6 percent from the prior close on the NSE. After the SC decision, it lost part of its gains and reached an intraday peak of Rs 617.
On March 1, the organization refuted a Reuters report that it had obtained a $3 billion loan from a Middle Eastern sovereign wealth organization. “This is entirely inaccurate and untrue,” it told Bloomberg.
The ports-to-power corporation was accused of “accounting fraud” and “stocks manipulation” by Hindenburg Research on January 24. Since then, the firm’s market capitalization has decreased by a total of more than Rs 11 lakh crore.
Adani Group has been prepaying loans to discharge promised shares and holding investor roadshows to allay worries about its organizational oversight and financial stability.
