Shares of all the ten listed Adani Group firms ended on a positive note, with Adani Wilmar climbing nearly 7 per cent, after an expert committee said it was not possible to conclude if there has been a regulatory failure on stock price manipulation allegations.
The stock of Adani Wilmar zoomed 6.85 per cent, Adani Power rallied 4.93 per cent, Adani Transmission soared by 4.62 per cent, Adani Green Energy went up by 4.18 per cent, Adani Enterprises climbed 3.65 per cent, Adani Ports jumped 3.65 per cent, NDTV gained 3.53 per cent and Adani Total Gas advanced 3.05 per cent on the BSE.
Shares of Ambuja Cements climbed 1.20 per cent and ACC went higher by 1 per cent.
In the equity market, the 30-share BSE Sensex climbed 297.94 points or 0.48 per cent to settle at 61,729.68.
An expert committee appointed by the Supreme Court said it cannot conclude any regulatory failure around Adani Group's stock rallies, and that Sebi has "drawn a blank" in its probe into alleged violations in money flows from offshore entities into the conglomerate.
But the six-member panel said there was evidence of a build-up in short positions on Adani Group stocks ahead of the report of US-based short seller Hindenburg Research, and profiting from squaring off positions after prices crashed post-publication of the damning allegations.
"At this stage, taking into account the explanations provided by Sebi, supported by empirical data, prima facie, it would not be possible for the committee to conclude that there has been a regulatory failure around the allegation of price manipulation," the panel said in the report submitted to the Supreme Court.
It further said there is a need for an effective enforcement policy that is "coherent and consistent" with the legislative position adopted by Sebi.
According to the committee, it also cannot say that there has been a regulatory failure on Sebi's part on minimum public shareholding rules or related party transactions.
"Shares of Adani group companies experienced a surge after a six-member panel of the Supreme Court stated that it was premature to conclude any regulatory failure in the Adani-Hindenburg case related to price manipulation allegations," said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.
The apex court had appointed the committee parallel to the investigation that markets regulator Sebi was conducting into allegations against Adani Group and the plunge in the apples-to-port conglomerate's shares, triggered by Hindenburg's allegations.
Adani Group stocks had taken a beating on the bourses after Hindenburg made a litany of allegations, including those about fraudulent transactions and share-price manipulation, against the business conglomerate.
Adani Group dismissed the charges as lies, saying it complies with all laws and disclosure requirements.
