Shares of Adani Enterprises, and other Adani Group companies, surged on Monday after a preliminary report that didn’t find evidence of stock-price manipulation.
Adani Enterprises 512599, +18.84%, the flagship company, saw its shares jump 17%, as other companies including Adani Wilmar 543458, +10.00% rose as well.
A panel convened by India’s Supreme Court said in a preliminary report released Friday that it didn’t find evidence of regulatory failure by Securities and Exchange Board of India and that it has not found evidence that Adani companies have been manipulated abroad, while it did say that the market regulator suspects wrongdoing.
“The regulator has not been able to prove that its suspicion can be translated into a firm case of prosecuting an allegation of violation,” the report said.
The panel also said that short positions were taken before the publication of a short-selling report by Hindenburg Research.
The combined market cap of Adani Group companies is still down by more than $ 100 billion since the Hindenburg Research report.