On Monday, the shares of Adani Group companies saw a bumper boom. Amid positive trend in the Indian stock market, all the 10 listed shares of the Adani Group were trading in the green mark. An important reason behind this boom was the decision of the Bombay High Court, in which Adani Group Chairman Gautam Adani and Managing Director Rajesh Adani were acquitted of a market regulation violation case of Rs 388 crore.
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What is the whole matter?
In 2012, the Serious Fraud Investigation Office (SFIO) launched an investigation against Adani Enterprises Limited (AEL) and its promoters Gautam Adani and Rajesh Adani.
- Allegations: They were accused of criminal conspiracy and fraud.
- Petition in 2019: Both industrialists had filed a petition in the High Court demanding the cancellation of the order of the Sessions Court, refusing to acquit the case.
- High Court verdict: Justice R.N. on Monday The single bench of Laddha quashed the order of the Sessions Court and freed Gautam Adani and Rajesh Adani from the case.
Significantly, the High Court had stayed the order of the Sessions Court in December 2019, which was extended from time to time.
Adani group shares boom
After the court relief, the shares of the Companies of the Adani Group saw a surge.
Shares gains:
- Adani Green Energy – 2.92% gains
- Adani Enterprises – 2.86% gains
- Adani Ports and Special Economic Zone – 2.57% gained
- Adani Energy Solutions – 2.14% gained
- Adani Wilmer – 1.23% lead
- Adani Power – 1.18% lead
- Adani Total Gas – 1.13% gained
- NDTV – 1.28% gains
- Ambuja Cements – 1.67% gains
- ACC – 1.47% gains
