Adani Group stocks in focus ahead of Supreme Court verdict on Hindenburg today
Adani Enterprises, Adani Ports, Adani Wilmar, Adani Power, Adani Energy Solutions, Adani Green Energy, Adani Total Gas, ACC, Ambuja Cements, and NDTV. As Mint reported earlier, a bench comprising Chief Justice D Y Chandrachud and justices J B Pardiwala and Manoj Misra will deliver the judgement at 10:30 am on as many as four petitions. The judgement on the PILs was reserved on November 24, 2023.
The pleas claimed the allegations that the Adani Group, considered close to the Modi government, inflated its share prices and, after the report of the short seller Hindenburg Research, the share value of various group entities fell sharply. Catch Adani Hindenburg Case Verdict Live Updates Here In March 2023, the top court directed the capital markets regulator Securities and Exchange Board of India (SEBI) to investigate any violations of securities law by the Adani Group in the wake of the Hindenburg report. The court had also set up an expert committee comprising six members, headed by former top court judge Justice AM Sapre.
Billionaire Gautam Adani's conglomerate saw almost $60 billion of his personal wealth erased last year after US-based short seller Hindenburg Research report accused his group of market manipulation and accounting fraud in January 2023. In January 2023, US-based short seller Hindenburg Research alleged that Adani Group is involved in accounting fraud, stock price manipulation, and improper use of tax havens. The report triggered a stock market rout of the Adani group shares that erased close to $150 billion in market value at its lowest point.
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