Adani-Hindenburg Case Live Updates: What SC said on the petitions, and what next
Shares of Adani group companies soared upto 11 percent after the Supreme Court verdict on petitions. Shares of the flagship Adani Ports and SEZ and Adani Enterprises rose 2 percent and 5 percent. Other Adani group stocks, Adani Wilmar, Adani Green Energy, Adani Power, Adani Total Gas and Adani Energy Solutions were up 3-11 percent. Shares of Ambuja Cements, ACC and NDTV also edged 1-6% higher.
SC junked allegations of conflict of interest against its panel, asking Centre and SEBI to look into whether there is any infraction of the law by the Hindenburg report on short selling, and if so then take action per law.
The top court in its verdict said independent reports or newspaper stories cannot be used to start a SEBI investigation. OCCRP and Hindenburg cannot be independently verified. It cautioned petitioners for filing pleas without adequate research.
The apex court said no case made out that the FPI regulations were diluted to allow mischief, adding that disclosure norms have only been tightened, now at par with PMLA.
Adani Ports and Adani Enterprises topped Nifty 50 index ahead of the Supreme Court verdict on the Hindenburg matter.
The surge in listed stocks of Gautam Adani would make emerging-market investor Rajiv Jain happy. His firm GQG Partners Inc. had acquired Adani shares weeks after a brutal shortseller report battered the ports-to-power conglomerate and wiped out more $150 billion in market value.
Adani Enterprises jumped over 6 percent to Rs 3,122.40 on NSE. Adani Total Gas surged over 10 percent to Rs 1,100.95, and Adani Energy Solutions surged 14 percent. Adani Power, Adani Green Energy, Adani Ports and Adani Wilmar rose up to 7 percent.
Adani Group's overall market cap is back above ₹15 lakh crore mark, but still below its peak of ₹23 lakh crore. The overall market capitalisation is nearly triple of the record low of ₹5.8 lakh crore it hit after Hindenburg bombshell
Adani Group stocks have rebounded after losing as much as 80% when the Hindenburg saga unfolded. While group stocks like Adani Ports recovered all of their Hindenburg losses, others have managed to narrow their losses.
Gautam Adani's sprawling conglomerate raised over USD 5 billion (Rs 41,500 crore) in equity and a double of that in debt this year as the apples-to-airport group made a comeback since being hit by the bombshell Hindenburg report.
Among hopes of a favourable outcome, shares of Adani Energy Solutions climbed 9.82 per cent to Rs 1,165. Adani Total Gas shares surged 8.33 per cent to Rs 1,083.95. The group flagship, Adani Enterprises, climbed 4.15 per cent to Rs 3,053.65 on BSE. Adani Power shares hit 5 per cent upper circuit limit at Rs 544.65. Adani Green Energy advanced 4.72 per cent to Rs 1,678.25. Adani Ports added 1.8 per cent to Rs 1,098.
Adani stocks rally up to 10% ahead of SC verdict; Adani, Energy Solutions, Adani Total Gas, Adani Power, Adani Enterprises shares gain the most
Apart from delving into the rout in Adani Group stocks following Hindenburg’s report, Sebi has been investigating if there was a violation of rules concerning minimum public shareholding, related party transactions and manipulation of stock prices.
SEBI in its filing said out of the 24 matters it was probing, findings in as many as 22 was final.
All eyes will be on Adani group shares including Adani Enterprises, Adani Power Ltd, Adani Green Energy Ltd, Adani Total Gas Ltd, Adani Ports & Special Economic Zone Ltd and Adani Wilmar Ltd as the Supreme Court of India is set to pronounce its the much-awaited verdict on the Hindenburg row that wiped nearly $150 billion in market capitalisation off Adani group companies in early 2023.
SC bench said there was no material to doubt the investigation carried out by SEBI, expressing reluctance to accept the arguments against the impartiality of the members of the expert panel set up by the Court on the issue
Hindenburg in January 2023 accused the Ahmedabad-based ports-to-power conglomerate of “brazen stock manipulation and accounting fraud”, allegations that the Adani group has denied, calling the report “a calculated attack on India”.