Adani Group stocks surge up to 20% after SC concludes hearing on Adani-Hindenburg matter
BSE on Tuesday, November 28, as the Supreme Court (SC) concluded hearings on several petitions demanding an inquiry into the Adani-Hindenburg matter and the Securities and Exchange Board of India (Sebi) informed the SC that it does not need additional time to complete its investigation into the Adani Group. Shares of flagship firm Adani Enterprises jumped over 4 per cent but shares of Adani Total Gas surged almost 20 per cent. Shares of Adani Green Energy jumped almost 8 per cent while those of Adani Power surged almost 7 per cent to its 52-week high of ₹423.15.
Shares of Adani Wilmar rose almost 6 per cent, Adani Ports shares rose over 3 per cent. Among other Adani Group companies, NDTV share price rose over 5 per cent, Ambuja Cements share price climbed over 3 per cent and ACC share price rose over 2 per cent. As Mint reported earlier, Sebi on Friday informed the Supreme Court that it does not need additional time to complete its investigation into the Adani Group, with 22 of the 24 cases related to the Hindenburg matter already resolved.
The probe's remaining aspects hinge on data from foreign regulatory bodies. The apex court's three-judge panel, led by Chief Justice D. Chandrachud, has concluded hearings on several petitions demanding an inquiry into the Adani-Hindenburg matter and asked for written submissions by Monday.
Read more: Not seeking extension to finish probe into Adani-Hindenburg matter: Sebi to SC On 24 January, US-based Hindenburg Research published a report accusing the Adani Group of engaging in fraudulent activities to artificially inflate its stock prices. The Group has strenuously denied these allegations with a detailed rebuttal. Also Read: Adani Group denies link to Uttarkashi tunnel collapse,
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