Before we get into the details of the Adani enterprise share price, let us quickly catch a glimpse of the history of this company.
The inception of the company
Set up on March 2nd, the company was formed in 1993. It was converted into a partnership firm, M/s Adani Exports, into a limited company. Shri Gautam S Adani and Rajesh S Adani promoted the company. The company was engaged in plastic products, the export of frozen foods, intermediates and dyes, and agricultural products.
Adani Enterprises share price
The share price of Adani Enterprises has jumped 3%. However, Adani Green dropped 6% on the block deals. It was also reported that Adani Enterprise’s 1.8 crores or 1.6% equity changed hands. In the meantime, the Adani Enterprises share price of Adani Green Energy dropped by over 6%, and 2.2% equity shares were found to have traded in the block.
As far as buying action in Adani Enterprise is concerned, it was found to escalate quite significantly after the block deal. At the same time, the share volume of Adani on NSE was recorded at a figure of 1.91 crores and closed at 9.30 am.
A remarkable recovery was observed in the stocks. The figure was recorded at 132% from what was 52 weeks low of INR1017 that was attained in February after the Hindenburg Research Report. The Adani Enterprise’s share price NSE is at present trading at a 77% discount from 52 weeks high of INR 4190.
Which stocks were active on Nifty50 Index?
The share price of Adani Enterprises was found to be quite active on stocks on Nifty50 Index. It thus surpassed many of its peers. These peers included the likes of Reliance Industries, ICICI Bank, and HDFC twins.
On Tuesday, Gautam Adani remarked after the Hindenburg report. The report mentioned that the founder and the chairman of the Adani Group for a vested interest in adverse results.
What was the fallout of the short-selling incident?
The incident related to short selling gave rise to many adverse consequences that the group had to confront. Despite a prompt rebuttal was issued, many vested interests tried their best to exploit opportunistically the claims made by the short seller. These entities were involved in encouraging fake narratives across the many news and social media platforms.
The investigation is still on
The market regulator SEBI still needs to complete the investigation. Supreme Court-appointed panel did not find any manipulation patterns in the steep rise in the Adani enterprise share price.