Adani Hindenburg Row: In the first hour of trading on Tuesday, shares of Adani Ports and Special Economic Zone (APSEZ) increased by about 8%, reversing the losses brought on by the damning report published in January by US short-seller Hindenburg Research. Even if APSEZ shares were unable to hold gains in the early going, they were still up more than 2.2% by 1:30. Over the past few trading sessions, the company’s shares have increased along with those of other Adani Group companies.
Market Capitalization Recovers and Adani Group Stocks Rally Amid Regulatory Clarity
The market capitalization of APSEZ momentarily reached Rs 1.67 lakh crore, which was roughly where it stood prior to the short-seller attack. The stock’s relative strength index (RSI), which determines whether a stock is overbought or not, was 71.3. Despite their volatility, most Adani Group stocks have seen a strong rally in response to a Supreme Court-appointed expert panel’s statement last week that it was impossible to determine whether there had been regulatory failures related to alleged price manipulation. This strong rally led analysts and brokerages to become passively bullish on most Adani Group stocks.
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Adani Group Stocks Surge as Panel Discredits Short-Seller Allegations
The panel continued by saying there was proof of a buildup of short positions on Adani Group stocks prior to Hindenburg Research’s report being published in January. The short seller claimed that the Adani Group companies had engaged in unlawful use of tax havens and stock manipulation, among other governance-related concerns. The leading gainer on the Nifty 50 today was Gautam Adani’s flagship company, Adani Enterprises, whose shares increased by more than 15% in early trading. Adani Enterprises is a ports-to-power conglomerate. It has risen by approximately 45% over the last three trading sessions. Following the release of the court-appointed panel’s report in the Adani-Hindenburg case, stocks of all other Adani Group companies increased as well.
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