Adani Group stocks in green after SC verdict on Adani-Hindenburg case

Adani Ports, the cash cow of the Ahmedabad-based conglomerate, experienced a notable 3% increase. The three-judge bench, comprised of Chief Justice DY Chandrachud, alongside Justices JB Pardiwala and Manoj Misra, delivered this judgment following hearings on a batch of petitions regarding the Hindenburg issue.

Adani Group stocks in green after Supreme Court verdict on Adani-Hindenburg case AJR

Ajay Joseph

First Published Jan 3, 2024, 11:02 AM IST

Following the Supreme Court's dismissal of the transfer of a case to the CBI and its directive to SEBI to conclude its investigation into the Hindenburg allegations within three months, Adani Group stocks soared, registering a remarkable surge of up to 10%. This surge propelled the conglomerate's market capitalization beyond the Rs 15 lakh crore mark.

The notable surge was witnessed across various Adani subsidiaries. Adani Energy Solutions led the pack, surging up to 10%, followed by Adani Total Gas and NDTV, each recording gains of approximately 8-9%. Other entities within the Adani conglomerate, including Adani Green Energy, Adani Wilmar, Adani Enterprises, and Adani Power, witnessed trade increases ranging from 5% to 6%.

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Emphasizing the need for thorough investigation, the judgment highlighted the responsibility of the government and SEBI to scrutinize any potential legal violations by Hindenburg pertaining to short-selling, with actions to be taken in accordance with the law.

During the reservation of a set of pleas the previous month, the apex court clarified its stance on the Hindenburg report's credibility. It stated that the court doesn't automatically regard the contents of the report as an unquestionable representation of reality. Instead, it directed SEBI to investigate the matter thoroughly, highlighting the need for fair and verifiable assessment of the report's claims before the court.

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Last Updated Jan 3, 2024, 11:14 AM IST