• Mon. Jun 17th, 2024

Adani stocks surge, rally up to 10% after SC verdict in Hindenburg case

Byusanewscart.com

Jan 3, 2024
Adani stocks surge, rally up to 10% after SC verdict in Hindenburg case

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NEW DELHI: All Adani group stocks on Wednesday witnessed a significant surge following the Supreme Court verdict in the Gautam Adani-Hindenburg short selling case. The Adani group shares defied a weak trend in the broader equity market.
Adani Energy Solutions zoomed 17.83%, NDTV jumped 11.39%, Adani Total Gas climbed 9.99%, Adani Green Energy soared 9.13% and Adani Enterprises surged 9.11% on the BSE.
Meanwhile, Adani Wilmar witnessed an 8.52% increase, Adani Ports rose by 6%, Adani Power recorded a gain of 4.99%, Ambuja Cements grew by 3.46%, and ACC saw a rise of 2.96%.

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The Supreme Court brought a sense of relief to the Adani group on Wednesday, opting not to shift the investigation into the Adani-Hindenburg matter to a Special Investigation Team (SIT) or the Central Bureau of Investigation (CBI). This decision pertains to the allegations of stock price manipulation faced by the Indian conglomerate, initially probed by the Securities and Exchange Board of India (Semi).
Presided over by Chief Justice DY Chandrachud, along with Justices PS Pardiwala and Manoj Misra, the bench highlighted the limited jurisdiction of the Supreme Court in intervening with Sebi’s regulatory functions. The court emphasized that its role in judicial review is primarily to ascertain any breach of fundamental rights. In this context, the Supreme Court found no compelling reasons to transfer the investigation to the SIT or any other agency, affirming its confidence in the inquiry conducted by SEBI.
As of now, the conglomerate’s shares had added a staggering over Rs 1 lakh crore to investor wealth. This surge has propelled the market capitalization of the Adani group to over Rs 15 lakh crore. The financial markets responded positively to the outcome of the case, reflecting investor confidence in the Adani group’s future prospects.



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