Adani Group Stocks Rally After The Supreme Court Dismisses Petition on Adani-Hindenburg case

The Adani Group stocks rallied intraday on January 3, 2024, after the Supreme Court dismissed petitions filed regarding the Adani-Hindenburg case.

Media reports indicated that the Supreme Court disposed of petitions related to the Adani-Hindenburg issue. It declined to initiate a Special Investigation Team (SIT) or CBI probe.

The apex court stated that there were no grounds to quash the FPI regulations, which had previously led to significant declines in share prices. On January 3, 2024, it reiterated that there were no valid grounds for revoking the amendment to FPI, LODR recommendations. It directed SEBI to complete the remaining 2 probes within 3 months.

On March 2, 2023, the apex court instructed the market regulator SEBI to continue its probe into the allegations arising from the Hindenburg report. They tasked SEBI with examining whether any manipulation of stock prices had occurred, contrary to existing laws.

Also read: NPCI launches UPI-Based System for Secure & Streamlined Secondary Market Trading

A three-judge bench led by Chief Justice D.Y. Chandrachud had reserved a verdict in the case in November of the previous year.

The Supreme Court recently stressed that the Hindenburg Research report should not be considered a statement of truth.

At 11:23 AM, Adani Enterprises was trading at Rs 3,012.70, up Rs 80.30 or 2.74 percent. Adani Ports was up 1.43 percent or Rs 15.40 and was trading at Rs 1,093.80 per share on NSE.

The share price of Adani Power jumped over 4 percent at Rs 539.70. Adani Wilmar gained 4 percent and was trading at Rs 383.40 per share. Adani Total Gas zoomed over 7 percent, trading at Rs 1,078.85.

Ambuja Cements added a percent at Rs 536.85. NDTV rallied almost 5 percent and was trading at Rs 285.50 per share on NSE.

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