Seven of the ten Adani Group stocks ended the day in the negative territory, with Adani Enterprises falling nearly 6 per cent, after rallying for the past three days as a Supreme Court-appointed panel found no evidence of stock price manipulation in the group companies.

Adani Enterprises stock tumbled 5.90 per cent on the BSE. In the past three days, the stock had jumped 39.41 per cent.

Shares of Adani Wilmar fell by 4.99 per cent, ACC dropped 2.15 per cent, Adani Ports declined 2.13 per cent, Adani Power dipped 1.63 per cent, Ambuja Cements (1.25 per cent) and Adani Green Energy (0.52 per cent).


However, Adani Transmission jumped 5 per cent, Adani Total Gas rallied 5 per cent and NDTV climbed 4.98 per cent. All the three firms hit their upper circuit limits.

In the equity market, the BSE benchmark fell 208.01 points or 0.34 per cent to settle at 61,773.78.

All Adani Group stocks were rallying since Friday.

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In the past three days, the combined market valuation of all the group firms had jumped Rs 1,77,927.29 crore.

However, the six-member Supreme Court-appointed panel said there was evidence of a build-up in short positions on Adani Group stocks ahead of the report of US-based short seller Hindenburg Research that alleged fraud, stock manipulation, and money laundering at the apples-to-port group.

The committee, headed by former Supreme Court judge Justice A M Sapre, in its 173-page report, said that based on the data from Securities and Exchange Board of India (Sebi), it saw “no evident pattern of manipulation” in the steep stock price rise in Adani group companies that can be attributed to “any single entity or group of connected entities”.

It was not possible to conclude whether there had been regulatory failures regarding price manipulations, the panel said in the report.

While the report is not the final word, it certainly comes as a relief for Adani’s empire.

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