homemarket NewsAdani Group stocks volatile after Supreme Court directs SEBI to complete probe in three months
Adani Group stocks volatile after Supreme Court directs SEBI to complete probe in three months
India's Apex Court is set to deliver its verdict on a series of petitions seeking a court-monitored investigation into the explosive allegations levelled by US-based short-selling firm Hindenburg Research against the Adani group.
Adani Group stocks are witnessing volatile moves after the Supreme Court directed market regulator SEBI to complete the probe in the remaining two matters within the next three months.
Shares of Adani Enterprises are off 5% from the highest point of the day, while Adani Ports has also seen some profit booking at higher levels. The stock is off 4.4% from the day's high.
Besides the Nifty names, Adani Energy Solutions and Adani Total Gas have declined by 6% and 3% from their respective day's high.
India's Apex Court in its judgment said that there is no case made out for a transfer of the case from SEBI to CBI.
Post the verdict, Gautam Adani also wrote on "X" that the truth has prevailed.
The Hon'ble Supreme Court's judgement shows that:
Truth has prevailed.Satyameva Jayate.I am grateful to those who stood by us.Our humble contribution to India's growth story will continue.Jai Hind.— Gautam Adani (@gautam_adani) January 3, 2024
The bench, led by Chief Justice Chandrachud along with Justices JB Pardiwala and Manoj Misra, had earlier reserved judgment on November 24.
Chief Justice of India DY Chandrachud had voiced his dissatisfaction with the allegations directed at the Securities and Exchange Board of India (SEBI) regarding its probe into the Adani-Hindenburg issue.
The bench also said that third-party reports cannot be treated as conclusive proof and that there is no case of conflict of interest made out.
Adani Group stocks have rebounded after shedding as much as 80% at the height of the Hindenburg Saga. While stocks like Adani Ports have recovered all of their Hindenburg losses and are trading at newer highs, other group companies have managed to narrow their losses.
The overall market capitalisation of the Adani Group is back above the ₹15 lakh crore mark, but remains significantly below the peak of ₹23 lakh crore. However, the overall market capitalisation is nearly triple of the record low of ₹5.8 lakh crore it hit during the Hindenburg saga.
First Published: Jan 3, 2024 9:33 AM IST
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