Adani Enterprises shares rally up to 3.5%, Supreme Court finishes hearing on Hindenburg issue
Adani Enterprises rose 3.5% to Rs 2,250 in Friday's trade on NSE as the Supreme Court finished hearing on the Hindenburg issue and reserved its order.
Other Adani stocks such as NDTV and Adani Power also rose 8.3% and 4.5%, respectively. Adani Energy Solutions, Adani Green Energy, Adani Ports and Adani Total Gas also rose over 1%.
Market regulator SEBI on Friday informed the Supreme Court that it will not be seeking an extension to complete its probe in the Adani-Hindenburg matter.
A Supreme Court-appointed expert committee had an interim report in May stating that it saw “no evident pattern of manipulation" in billionaire Gautam Adani's companies and there was no regulatory failure.
It, however, cited several amendments the SEBI made between 2014 and 2019 that constrained the regulator's ability to investigate, and its probe into alleged violations of money flows from offshore entities has «drawn a blank».
Chief Justice of India DY Chandrachud on Friday asked the SEBI, represented by Solicitor General Tushar Mehta what it has been doing on investor value and if it is ensuring their protection.
«There is extreme volatility in the stock market.
What is SEBI planning to do for this kind of volatility for the investors,» SEBI was asked. On this, Mehta said action has been taken against short-sellers on instances found.
«There is no objection to the recommendations of the expert committee for strengthening the regulatory mechanism and the recommendations are under consideration and in principle we have accepted the recommendation,» Mehta said.
Adani has been embroiled in controversy since January 2023 when Hindenburg Research alleged corporate misgovernance, among other charges, which the conglomerate has vehemently
