Adani Stock has Best Day Since Hindenburg Report

Adani stock soared to its best day since the Hindenburg report.

Shares of Adani Group soared on Monday, extending gains fuelled by a report by an Indian court panel that found no conclusive evidence of price manipulation alleged by US short-seller Hindenburg Research.

Adani’s 10 stocks have added about $10 billion in market value so far in today’s session, on track to be the biggest gain since Hindenburg’s scathing report in January. Flagship Adani Enterprises Ltd soared more than 17% after rising 3.5% on Friday. Trapped short positions were largely unwound, traders said, with investors leaning toward fresh long bets on the group.

The Securities and Exchange Board of India told a Supreme Court-appointed panel on Friday that it found no evidence of stock price manipulation or abusive trading patterns that would shield the group from a central allegation brought by Hindenburg. The investigation is still ongoing. The Supreme Court has given an August 14 deadline for SEBI to conclude its investigation into Adani Group’s violations of securities laws and any unusual market activity in its shares.

Adani Green Energy Ltd, Adani Transmission Ltd, Adani Total Gas Ltd and Adani Power Ltd were up 5%, while Adani Wilmar Ltd was up 10%. Adani Ports and Special Economic Zone Ltd rose more than 8%.

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