Adani Stocks Soar 20% After Positive Supreme Court Ruling on Adani-Hindenburg Hearing

On Tuesday, November 28, Adani Group stocks gains on the BSE following key developments in the ongoing Adani-Hindenburg matter. The Supreme Court concluded hearings on multiple petitions seeking an inquiry into the issue, while the Securities and Exchange Board of India (SEBI) assured the court that it does not require additional time to complete its investigation into the Adani Group.

Stock Performance

In response to these developments, shares of Adani Enterprises soared over 4%, with Adani Total Gas witnessing an impressive surge of almost 20%. Adani Green Energy and Adani Power also recorded gains, jumping almost 8% and 7%, respectively, reaching a 52-week high. Adani Wilmar, Adani Ports, NDTV, Ambuja Cements, and ACC were among other Adani Group companies that saw positive movement in their share prices.

SEBI's Update

SEBI, in its latest update to the Supreme Court, stated that it does not need additional time to conclude its investigation into the Adani Group. Out of 24 cases related to the Hindenburg matter, 22 have already been resolved. The investigation's remaining parts depend on information from international regulatory authorities.

Supreme Court Proceedings

The apex court's panel, led by Chief Justice D. Chandrachud, concluded hearings on several petitions related to the Adani-Hindenburg matter. The verdict in the Adani-Hindenburg case has been reserved by a bench led by Chief Justice of India DY Chandrachud.

On August 25, the market regulator submitted a status report on its investigations into the allegations of stock price manipulation by the Adani Group to the Supreme Court. According to the report, SEBI has successfully completed its investigation in 22 out of the 24 cases.

The apex court noted that the capital market regulator SEBI must conclude the probe in all 24 cases. The court has asked for written submissions by Monday. On January 24, a report by Hindenburg Research accused Adani Group of inflating stock prices through fraudulent activities. Adani Group strongly denies these claims and has issued a detailed response.

Final Words

Despite the ongoing controversy, among all Adani Group-listed companies, Ambuja Cements, the flagship company in cement and building materials, emerged as the top performer with a remarkable 1,835% jump in consolidated net profit, reaching ₹987 crores compared to ₹51 crores in the corresponding quarter of the previous year.

The latest developments in the Adani-Hindenburg matter have sparked a positive market response, with strong gains seen in Adani Group stocks. As the Supreme Court proceedings conclude and SEBI progresses in its investigation, investors are closely watching how these events will impact the future trajectory of the Adani Group on the stock market.