Shares of the group’s flagship firm Adani Enterprises were up 6.4% in early trade today
New Delhi:
Shares of the Adani Group’s listed companies rose between 2.2% and 10% on Wednesday, ahead of a ruling by India’s Supreme court on the country’s market regulator’s probe into the billionaire Gautam Adani-led conglomerate.
India’s market regulator, the Securities and Exchange Board of India (SEBI), is probing the group after US short-seller Hindenburg, in January 2023, alleged improper use of tax havens, stock manipulation by the group.
The Adani Group has denied any wrongdoing. A Supreme Court-appointed panel had, in May, found no lapses at the Adani Group.
While the group’s stocks have recovered some losses, they are still down $47 billion in market value since the report.
Shares of the group’s flagship firm Adani Enterprises were up 6.4% in early trade on Wednesday.
(Except for the headline, this story has not been edited by The Hindkesharistaff and is published from a syndicated feed.)