Shares of Adani group companies finally hit upper circuit on Monday. Adani Enterprises closed 18.8% higher, while other stocks were also up 5-10%. Investors are applauding the findings of the Supreme Court-appointed expert panel, which found no evidence of any regulatory failure in the case of our market watchdog failing to detect alleged violations by short seller Hindenburg. Separately, Jefferies has “Buy” ratings on Adani Ports and Adani Transmission. The group is paring debt to counter allegations of being overleveraged. It seems to have helped buoy its stock sentiment. This bounce-back, however, is only partial. The questions raised on the ultimate control of a lot of money that went into Adani Equity remain unanswered. Nor has there been much clarity yet on allegations of free-float rule-bending and stock manipulation. Perhaps the in-depth probe by the Securities and Exchange Board of India that is underway and expected by August 14 could help clear the air on the big questions, such as those around high-level beneficial ownership. The report of the expert panel, however, can be taken as an indication to the contrary.
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