Adani Enterprises Ltd. led Adani Group gains on Tuesday after a Supreme Court panel found it “impossible to conclude regulatory failure on allegation of price manipulation.”
The comeback has allowed Adani Ports and Special Economic Zone Ltd. (APSE.NS) to recover all its market capitalization losses since Hindenburg Research’s Jan. 24 report.
“Adani Group fundamentals were never in question.” KRChoksey Holdings Pvt Ltd. managing director Deven Choksey said the regulator’s August report would be watched.
After Hindenburg revealed governance issues, the conglomerate’s public companies lost $147 billion earlier this year. Deny guilt.
India’s highest court asked SEBI to investigate and report to a six-member expert panel after the report.
The panel investigated the regulator’s claims that pricing rises were unmanipulated.
The SEBI probe found 13 offshore businesses’ ownership chains unclear.
On Wednesday, the court handed the regulator till Aug. 14 to investigate securities law and regulatory disclosure breaches.
“The high integrity of the panel members must have given investors confidence to buy the beaten down (Adani) stocks,” said Geojit Financial Services chief investment strategist VK Vijayakumar.
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