Adani stocks rally up to 10% ahead of SC verdict on Hindenburg case; Adani, Energy Solutions, Adani Total Gas, Adani Power, Adani Enterprises shares gain the most

Adani group shares including the flagship Adani Enterprises Ltd, Adani Total Gas Ltd, Adani Green Energy Ltd, Adani Ports & Special Economic Zone Ltd (Adani Ports, Adani Wilmar Ltd and Adani Power Ltd climbed up to 10 per cent in Wednesday's trade ahead of the Supreme Court's verdict on the Adani-Hindenburg Research case at 10.30 am today. The report by the US-based short-seller had erased over $150 billion in Adani group's market capitalisation in early 2023.

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 on BSE. 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 Wilmar advanced 6.89 per cent to Rs 391.75.

Among other group shares, NDTV shares climbed 8.08 per cent to Rs 293.60. Ambuja Cements advanced 1.52 per cent at Rs 538.65. ACC was also up 1.1 per cent at Rs 2,290.80. A three-judge bench headed by Chief Justice DY Chandrachud and Justices JB Pardiwala and Manoj Misra, who were hearing the Adani-Hindenburg case, reserved verdict on the matter in November 2023.

The SC recently suggested the Hindenburg Research report should not be treated as "a statement of truth." It suggested that the court cannot doubt the market regulator Sebi's probe into the case by relying merely on a few media reports.

"We don't have to treat what is set out in the Hindenburg report as ipso facto (automatically) a true state of affairs. That is why we directed the Sebi to investigate. Because for us to accept something which is in the report of an entity, which in not before us and whose veracity we have no means of testing, would really be unfair," the bench, told advocate Prashant Bhushan recently, who was appearing for one of the petitioners.

Also read: SC verdict on Adani-Hindenburg case today: Adani Enterprises, Adani Power, Adani Ports, Adani Green Energy, other Adani stocks in focus

The US based short-seller Hindenburg Research had in January 2023 accused the Gautam Adani's Adani group of “stock manipulation” and had suggested "brazen accounting fraud" in group companies, which triggered a selloff in Adani shares last year.

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