Shares of Gujarat-based Adani Group companies continue to increase on Tuesday, with Adani Enterprises rising over 19%, nearly four months after a critical report by an American financial research company Hindenburg Research.In its report, a Supreme Court-appointed panel found no preliminary proof of stock price fraud in Adani Group firms. Meanwhile, an additional investigation by market regulator SEBI into alleged violations of cash flows from offshore entities has also ended up finding no solid evidence against the group. This led to Mondays rally in the conglomerates top ten business initiatives.The share price performance of Adani Enterprises Ltd (NSE: ADANIENT)The shares of Adani Enterprises Ltd were spotted trading at Rs 2,615.80 per share, up 12.49% at 10:55 AM IST on May 23, 2023. ADANIENT shares have gained 38.81% in the past five trading days on the NSE. In the last month, the shares have spurted up by a whopping 45.48% on the NSE. However, in the last six months of trading, the shares have shed 32.99%, while in the last year of trading, the shares have gained 20.60%. On a year-to-date basis, the shares have lost 31.88% on the NSE (share price performance as of 10:58 AM IST on May 23, 2023).SC panel reportAccording to a 173-page report by a panel appointed by the Supreme Court and led by former Supreme Court justice Justice AM Sapre, there was “no evident indication of fraud” in the sharp stock price increase in billionaire Gautam Adanis businesses. According to the panel, it was impossible to determine whether there had been regulatory shortcomings in relation to price manipulations. The market regulator has been given until August 14 to finish the investigation, and a subsequent hearing has been scheduled for July 11 of this year.
