On Monday, the Indian stock market saw a tremendous rise in shares of companies of Adani Group. At the beginning of the first trading day of the week, all the 10 listed shares of the Adani group were trading in the green mark. The reason for this surge was a significant legal relief in the Indian stock market as well as a significant legal relief to the Adani Group. In fact, the Bombay High Court has acquitted Adani Group Chairman Gautam Adani and Managing Director Rajesh Adani in the case of alleged market rules violation of Rs 388 crore.
There is a strong growth in trade between India and China, on the other hand there is fears of economic recession globally
What is the whole matter?
The Serious Fraud Investigation Office (SFIO) launched an investigation in 2012 against Adani Enterprises Limited (AEL) and its promoters Gautam Adani and Rajesh Adani. The SFIO filed a charge sheet accusing them of criminal conspiracy and fraud. Against this, both industrialists filed a petition in the Bombay High Court in 2019 demanding the cancellation of the order of the Sessions Court in which they were refused to acquit the case.
Justice R. on Monday N. The single bench of Laddha dismissed the order of the Sessions Court and completely acquitted Gautam Adani and Rajesh Adani from the case. Detailed order is being awaited. Earlier, earlier, the High Court had stayed the order of the Sessions Court in December 2019, which was extended from time to time.
Adani Group shares strongly rise
The impact of this relief found in the market was also clearly visible on the shares of the companies of Adani Group. During trading on Monday, Adani Green Energy shares recorded a rise of 2.92%. Other major stocks also saw a tremendous jump:
- Adani Enterprises – 2.86%
- Adani Ports and Special Economic Zone – 2.57%
- Adani Energy Solutions – 2.14%
- Adani Wilmer – 1.23%
- Adani Power – 1.18%
- Adani Total Gas – 1.13%
- NDTV – 1.28%
- Ambuja Cements – 1.67%
- ACC – 1.47%
Market experts believe that the legal relief from the Adani Group has increased the confidence of investors, which has increased the shares. Apart from this, positive trends in the Indian stock market are also supporting shares of Adani Group companies.
How much the impact of this boom will remain in the market will depend on global and domestic indicators. Currently, this has proved to be a relief news for investors of Adani Group.
