Adani Group Stocks Show Gains Following Bombay High Court Ruling

Market Performance

Adani Group stocks registered an upward movement on March 18 after the Bombay High Court ruled in favour of Gautam Adani and Rajesh Adani in a stock market-related case. The decision contributed to notable gains across all companies under the Adani conglomerate.

Bombay High Court Dismisses Charges

The Bombay High Court decided on March 17, dismissing charges against Gautam Adani and Rajesh Adani in an alleged stock market violation case. The court found no evidence to support claims of criminal conspiracy or cheating, stating that accusations of wrongful gains were insufficient without demonstrating a corresponding loss or deception of a specific entity.

The case originated in 2012 when the Serious Fraud Investigation Office (SFIO) filed a chargesheet against Adani Enterprises and its promoters, alleging stock market violations. With this latest ruling, the court nullified the earlier allegations.

Adani Group Stocks React

Following the legal decision, all Adani Group stocks showed positive momentum in trading on March 18.

• Adani Enterprises saw an increase of 1.24%, reaching an intraday high of ₹2,280.
• Adani Ports and SEZ rose 1%, reaching ₹1,149.
• Adani Power climbed 1.1%, touching ₹516.45.
• Adani Energy Solutions gained 1.5%, hitting ₹807.25.
• Adani Green Energy moved up 1.7%, reaching ₹911.70.

Other companies within the group also saw positive movement:

• Adani Total Gas increased 1.2% to ₹610.30.
• NDTV, part of the Adani Group, rose 1.7% to ₹116.
• Ambuja Cements recorded a 1.5% rise to ₹498.05.
• ACC Ltd advanced 1.1%, reaching ₹1,903.35.

Summary

The Bombay High Court's decision to dismiss charges against Gautam Adani and Rajesh Adani contributed to a positive market response, with all Adani Group stocks witnessing gains. The ruling removed allegations of stock market violations, leading to renewed confidence in the company's legal standing.