Adani Group stocks rise, four hit upper circuit after major block deal; SC sets up panel to probe stock crash

Adani Group stocks rise, four hit upper circuit after major block deal; SC sets up panel to probe stock crash

Adani Group stocks rose on Thursday after 3.9 crore shares, totalling 3.5% equity of Adani Enterprises, changed hands. The deal is estimated to be worth around Rs 5,520 crore. Adani Ports, Adani Transmission and Adani Green Energy also saw block deals of 4.1%, 2.5% and 3% stake, respectively, according to reports. Meanwhile, the Supreme court of India ordered setting up a committee headed by ex-apex court judge A M Sapre to probe a recent crash in Adani Group stocks. The Supreme court directed the Centre, financial statutory bodies and SEBI chairperson to render all cooperation to the panel set up for the probe and asked the probe panel to submit its report in two months. Nandan Nilekani, KV Kamath, Somasekharan Sundaresan, Former judges OP Bhat and JP Devdatt are part of a six-member probe committee.

Earlier this week, Adani Group denied having secured any $3 billion loan from a Middle East-based sovereign wealth fund, as claimed by a Reuters report. Adani Group told Bloomberg, “This is totally false and untrue.” Adani Enterprises shares were trading 1.21% higher at Rs 1583.15, Adani Ports and Special Economic Zone shares rose 0.44% to Rs 604.75, Adani Green Energy, Adani Transmission, Adani Power, Adani Wilmar shares hit the upper circuit, rising 5%. Adani Total Gas shares rose 2.42% to 728.90, Ambuja Cements shares were up 2.18% at 361.30, ACC shares were up 0.05 at Rs 1,769.50 and NDTV shares climbed 3.91% to Rs 207.45.