Adani group stocks surge as Nifty hits record high; market cap crosses Rs 12 lakh crore

Adani group stocks surge as Nifty hits record high; market cap crosses Rs 12 lakh crore

In the wake of the Bharatiya Janata Party’s (BJP) triumphant victories in three states, Adani Group stocks experienced significant surges ranging between 3% and 10% in Monday’s trading session. The rally coincided with Indian equities reaching a record high, surpassing exit poll expectations.

Analysts universally assert that the election outcome not only reaffirms expectations of the BJP returning to power in 2024 but also serves as a catalyst for an optimistic market sentiment.

Although the Adani Group’s market cap has now recovered more than 90% from its all-time low of ₹6.8 lakh crore, it still lingers at 50% below its peak of ₹24.8 lakh crore.

Last week, Adani Group stocks witnessed their most favorable performance since the release of the Hindenburg Report after a Supreme Court bench, led by Chief Justice of India DY Chandrachud, reserved its verdict in the Adani-Hindenburg case. The apex court emphasized that the capital market regulator SEBI must conclude its probe in all 24 cases.

The Adani Group’s resurgence and the positive market sentiment post-election underline the ongoing impact of legal proceedings on stock performance, shedding light on the delicate relationship between regulatory scrutiny and investor confidence.