Adani Transmission shares hit upper circuit to top Rs 1 lakh crore market cap

Shares of Adani Transmission touched their upper price band on Wednesday and the Adani Group's power transmission arm topped the market capitalisation (m-cap) of Rs 1 lakh crore during the session.

Shares of Adani Transmission jumped 5 per cent, locked in the upper circuit for the day, to Rs 909.60 on Wednesday as the Gautam Adani-led company commanded a total m-cap of close to Rs 1,01,500 crore. The stock hit the upper circuit limit for the fourth straight session in a row.

Shares of Adani Transmission tanked more than 75 per cent to test its 52-week lows at Rs 630 on March 1, 2023, ever since the US-based short seller Hindenburg alleged the Indian conglomerate of malpractices and manipulation of the stock prices.

The stock was under pressure even before the report was released as the stock hit its 52-week high at Rs 4,238.55 on September 16, 2022, and dropped 35 per cent by January 24, 2023, when the report was released.

Its market cap stood just above Rs 77,000 crore on March 1, 2023, when the stock had hit its 52-week low, while the counter has gained 45 per cent since then.

Adani Transmission has become the fifth company from the Adani Group with a m-cap of more than Rs 1 lakh crore after Adani Enterprises, Adani Power, Adani Green Energy and Adani Ports & Special Economic Zone. All listed companies of Adani Group combined m-cap topped the Rs 11 lakh crore mark on Tuesday.

As things stand today, Adani group stocks have been rallying for the fourth straight day after a Supreme Court-appointed panel on Friday said it found no regulatory failure around price manipulation in the conglomerate's stocks and violation of minimum public shareholding rules.

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