Adani Hindenburg Row: Supreme Court Outcome Drives Adani Stocks Up By 20%
Adani Group stocks surged in early trading on Tuesday as the Supreme Court wrapped up hearings on numerous petitions seeking an investigation into the Adani-Hindenburg matter. Chief Justice of India DY Chandrachud, leading the bench, stated that the top court cannot cast doubt on Sebi's investigation into the case based solely on media reports.
During the morning trading session, shares of Adani Total Gas soared to Rs 644 price level, up by 20 per cent. Adani Enterprises shares reached a monthly high, trading at Rs 2,447 price level, reflecting a 10 per cent increase. Simultaneously, Adani Wilmar shares also experienced a month-high level, reaching Rs 345 price level, marking an 8 per cent rise. Adani Ports, trading at Rs 844, followed the trend with an increase of over 6 per cent.
Shares of Adani Green Energy Ltd saw a notable surge of more than 10 per cent, trading at Rs 1,034 price level.
Subsidiary companies like NDTV also experienced an increase of more than 9 per cent. ACC shares saw a 3 per cent increase, while Ambuja Cements registered a gain of over 4 per cent on the National Stock Exchange.
Earlier, the court had noted that the Securities and Exchange Board of India (SEBI) needed to finalize the investigation in all 24 cases. In a status report submitted on August 25, SEBI indicated that it had concluded its examination in 22 out of the 24 cases.
Last week, the Supreme Court had asserted that SEBI must conclude investigations in all 24 cases and proceed in accordance with the law based on the recommendations of the expert committee.