Adani Stocks Surge Up To 10% Ahead Of SC Verdict On Adani-Hindenburg Case

Adani Group Shares Surge:  Shares of Adani Group rose as much as 9 per cent on Wednesday ahead of the Supreme Court's verdict on a series of petitions seeking a court-supervised probe into allegations of stock market irregularities by US firm Hindenburg Research.

The Supreme Court's decision on a batch of petitions related to the Adani Group's share price manipulation allegations will come more than a month after when it was postponed in November.

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Shares of Adani Enterprises rose 6 percent to Rs 3,122.40 in morning trade on NSE. Adani Total Gas rose 10 percent to Rs 1,100.95, while Adani Energy Solutions gained 14 percent. Shares of Adani Power, Adani Green Energy, Adani Ports and Adani Wilmar rose as much as 7 percent in early trade.

Earlier On March 2, 2023, the Supreme Court asked market regulator SEBI to proceed with the inquiry into the allegations arising out of the Hindenburg Report. SEBI was tasked with investigating whether there was any irregularity in stock prices in contravention of existing laws.

Recently, a three-judge bench led by Chief Justice D.Y. Chandrachud adjourned the verdict in the case in November last year. The apex court held that the Hindenburg Research Report should not be treated as a statement of fact.

Following the SC remark, shares of Adani Group have recovered after plunging as much as 80 per cent after the Hindenburg report. While stocks like Adani Ports recovered all Hindenburg losses and traded at fresh highs.

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