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Share price of Adani Total Gas:
The big increase in share price today occurred after the Supreme Court heard several arguments in the Adani-Hinderburg issue and decided to hold off on making a decision. The Chief Justice of India, DY Chandrachud, led a bench that stated that the top court cannot dismiss Sebi’s investigation into the issue based solely on news reports.
In Tuesday’s trading session, Adani Total Gas Ltd. shares saw a sharp increase that continued their advances from the previous day. The stock rose 20% from its previous close of Rs 536.80 to trade at Rs 644.15. Notwithstanding the aforementioned increase, the scrip has slipped 81.85 percent on a year-to-date (YTD) basis.
The big increase in share price today occurred after the Supreme Court heard several arguments in the Adani-Hinderburg issue and decided to hold off on making a decision. The Chief Justice of India, DY Chandrachud, led a bench that stated that the top court cannot dismiss Sebi’s investigation into the issue based solely on news reports.
For those who are unaware, earlier this year, US-based short seller Hindenburg Research published a study alleging stock manipulation and accounting fraud by the Gautam Adani-led conglomerate. This led to a large market value depreciation for all of the equities. On the other hand, refuted every accusation.
Support on the counter could be seen around the Rs 600 level. One can place a buy call near the support level for higher targets, one of the technical analysts said