Shares of Adani Group companies rose sharply Monday, led by Adani Power , which surged nearly 20% after its five-for-one stock split took effect.

A company generally carries out a stock split to make its shares more accessible for current and potential investors. The stock split also increases the listed company's liquidity.

The rally came after India's market regulator, the Securities and Exchange Board of India (SEBI), cleared Adani Group Friday of some allegations of stock manipulation and accounting fraud made last year by short-seller Hindenburg Research.

SEBI is still looking into more than a dozen allegations against the conglomerate, Reuters reported , citing two sources with direct knowledge of the investigations.

Hindenburg's January 2023 report accused Adani Gr

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