Adani Enterprises shares have been put under surveillance
On Wednesday, shares of Adani Enterprises fell eight per cent to Rs 2,425.35 during the day but finally closed at Rs 2,475, down six per cent. It gained 37 per cent in the last three sessions. Due to this boom, it has largely compensated for the loss caused by the Hindenburg Research report. It hit a 52-week low in early February but has since given more than 100 per cent returns. In a January 24 report by Hindenburg Research, Adani Group was accused of tampering with the price of shares. Adani Group has denied these allegations but it had caused a significant drop in the group’s shares.
Why are shares climbing
The Supreme Court had set up a committee to investigate Hindenburg’s allegations. The committee says that it did not find any regulatory lapse in this matter. Due to this, the shares of Adani Group are seeing a lot of boom. The Supreme Court has given market regulator SEBI (SEBI) two more months for this investigation. Not only this, GQG Partners has increased its stake in Adani Group by 10 per cent. This also gave a boost to the shares of Adani Group. Earlier in February also, the shares of Adani Group companies were put under surveillance. The reason for this was that due to the report of Hindenburg Research, the shares of Adani Group were falling heavily. Due to this, the market cap of Adani Group had decreased by more than $ 100 billion.