Shares Of Adani Enterprises Surge After Report Finds No Evidence Of Manipulation

This Monday, the shares of Adani Enterprises and other companies within the Adani Group experienced a significant surge following the release of a preliminary report that did not find evidence of stock-price manipulation.

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Adani Enterprises (512599, +18.84%), the flagship company, witnessed a remarkable 19% increase in its share price, while other companies like Adani Wilmar (543458, +10.00%) also saw their shares rise.

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A panel assembled by India's Supreme Court, in a preliminary report published on Friday, stated that it had not discovered any evidence of regulatory failure by the Securities and Exchange Board of India. Furthermore, the report mentioned that it had not found proof of manipulation of Adani companies abroad, although the market regulator does have suspicions of misconduct.

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"The regulator has not been able to substantiate its suspicion with concrete evidence that would support the prosecution of an allegation of violation," the report stated.

The panel also highlighted that short positions were taken prior to the publication of a short-selling report by Hindenburg Research.

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Despite the surge in share prices, the combined market capitalization of Adani Group companies remains more than $100 billion lower than before the Hindenburg Research report was released.

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