Adani shares rise up to 2% ahead of SC hearing on Hindenburg issue
With Adani Enterprises rallying up to 2%, nine out of 10 Adani stocks were trading in the green. Shares of Adani Power, Ambuja Cements and Adani Ports were trading over 1% higher.
Last Friday, markets regulator Sebi had told the apex court that it has completed the investigation into whether Adani Group companies violated securities laws.
In a status report, Sebi gave a detailed breakdown of the steps taken during its investigation but does not reveal specific findings.
It told the top court in its filing that out of the 24 matters it was probing, findings in as many as 22 are final.
The regulator said it would take «appropriate action based on the outcome of the investigations in accordance with law».
The Supreme Court had directed Sebi to submit its status report on the investigation into the allegations made against the Adani Group by short-seller Hindenburg Research in its January report. The report accused the group of fraud and manipulation, allegations that Adani has rejected.
In the meantime, The Indian Express has reported that the Enforcement Directorate has found that a dozen companies including foreign portfolio investors and foreign institutional investors based in tax havens were the top beneficiaries of short selling in shares of Adani Group companies.
The report said, some of these short sellers allegedly took positions just 2-3 days before the Hindenburg Research report was published on January 24, and some others were taking short positions for the first time ever.
