Adani Enterprises surge 19% after report finds no evidence of stock-price manipulation alleged by short seller

• Adani Enterprises shot up 19% after a report found no conclusive evidence of price manipulation yet.
• Shares of billionaire Gautam Adani's flagship company had their best day since January.

Adani Enterprises surged 19% Monday after a preliminary report found no conclusive evidence of market manipulation as previously alleged by short seller Hindenburg Research.

Shares of billionaire Gautam Adani's flagship company hit an intraday high of 2,347 rupees on the BSE, notching their best day since January.

A panel assembled by India's Supreme Court found no conclusive evidence of Adani companies manipulation or regulatory failure, according to a preliminary report released Friday, adding that it has "not been able to prove that its suspicion can be translated into a firm case of prosecuting an allegation of violation."

However, investigations are ongoing. The Securities and Exchange Board of India has an August 14 deadline to close its probe of the conglomerate.

Shares of other Adani companies rallied on the news too, with their market value increasing more than 9% to hit $108.5 billion, according to FactSet data on Monday.

Hindenburg released a scathing report about Adani Group on January 24, alleging the Indian conglomerate had engaged in "a brazen stock manipulation and accounting fraud scheme over the course of decades."

Adani Group has denied these allegations. Adani's wealth has plummeted by $54 billion year-to-date on the back of the stock selloff and the short-seller report, according to the Bloomberg Billionaires Index.