After the Supreme Court grants relief to Adani Group on Wednesday, the conglomerate’s stocks rallied up to 10 per cent with the market capitalisation breaching the Rs 15 lakh crore-mark. SC in its judgement on Adani-Hindenburg case said that there is no ground for the transfer of the case to the Central Bureau of Investigation.
Among the 10-pack group of stocks, Adani Energy Solutions emerged as the top gainer as it soared to 10 per cent. Shares of Adani Total Gas and NDTV, on the other hand, rose to around 8–9 per cent each. Not much behind were Adani Power, Adani Green Energy, Adani Enterprises and Adani Wilmar which were trading 5–6 per cent higher. The shares of Adani Ports were up 3 per cent.
A three-judge bench consisting of Chief Justice D.Y. Chandrachud , Justice J.B. Pardiwala and Justice Manoj Misra said that the government and Securities Exchange Board of India (SEBI) will investigate the violation of the law, if any, by Hindenburg on short-selling. The apex court also maintained that the facts of the case do not warrant the transfer of the probe to a Special Investigation Team or other probe agency.
Gautam Adani, the chairman of Adani Group, tweeted, “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.”
SEBI had submitted its investigation report to the court in August after finishing the probe in 22 out of 24 cases related to the allegations against the group. In its order today, SC asked the market regulator to complete the probe in the remaining two cases within two months.