Adani Hindenburg Case: Supreme Court again defers hearing; Adani stocks trade mixed

Adani Group stocks were trading mixed during the trading session on Friday as the Supreme Court deferred hearing in the Adani-Hindenburg matter by another 10 days. The Supreme court is now likely to take up the matter on October 30, 2023, Monday, but earlier it was scheduled for today.

The Supreme court was scheduled to take up Sebi's investigation report in the Adani-Hindenburg matter. The US-based short seller accused Gautam Adani led conglomerate of financial misinterpretation and manipulation.

The Gautam Adani-led Adani Group is all set to sign a definitive agreement to refinance $3.5 billion of loans taken for acquisition of ACC and Ambuja Cement. A consortium of at least 18 banks led by Barclays, Deutsche Bank and Standard Chartered helped to fund the biggest M&A in India’s building-materials industry.

Shares of Adani Enterprises, the flagship company of Adani Group, dropped about a per cent to Rs 2384.95 on Friday, compared to its close at Rs 2,401.90 on Thursday. Its market capitalization declined slightly to Rs 2.73 lakh crore. Adani Ports gave up its initial gains to trade below Rs 790-mark with a mcap of Rs 1.70 lakh crore.

Adani Power also declined more than a per cent to Rs 340.70 on Friday and managed to hold a market cap of more than Rs 1.32 lakh crore during the day. Adani Wilmar, which is valued at Rs 43,750 crore, also slumped about a per cent to Rs 336.05.

Adani Energy Solutions was the standout performer from the Adani Group as it surged more than 2 per cent to Rs 777 per share, while Adani Green Energy gained more than 1.5 per cent to Rs 946.85. Adani Total Gas also added about a per cent to Rs 599.75 for the day.

Among the acquired entities, cement-maker ACC tumbled more than 3 per cent to Rs 1964.05, while Ambuja Cement slumped 2 per cent to Rs 428.40. New Delhi Television (NDTV) inched marginally up to Rs 210.75 during the day.

The Supreme Court is likely to take-up the fresh status report filed by market market watchdog Sebi. In August, Sebi informed the court that it had completed the probe in all but two allegations against the Adani Group. However, its market watchdog said that it is awaiting information from five tax havens on the actual owners behind the foreign entities.

In September, a PIL was filed in the context with the Adani-Hindenburg row, wherein it was accused that Sebi was suppressing important facts from the Supreme Court and hiding the Directorate of Revenue Intelligence's (DRI) letter on alleged stock manipulation by the Adani firms.

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