New Delhi: Shares of Adani Group firms rallied strongly on the stock exchanges on Wednesday, ahead of the Supreme Court judgement to be announced on the Adani-Hindenburg case today.
The Adani Group’s flagship firm, Adani Enterprises, saw a jump of over 6 per cent in its stock on both NSE and BSE in the morning. As of 10:34 AM, the Adani Enterprises shares stood at Rs 3,132.35 apiece on the NSE, trading higher by 6.82 per cent, while on the BSE, the shares were trading at Rs 3,130.65 per share, up by 6.77 per cent.
Other Adani Group companies, like the Adani Ports also saw a strong upward movement in its stock price. As of 10:36 AM, the shares of Adani Ports were trading higher by 4.01 per cent on the NSE and 4.03 per cent on the BSE.
A bench including Chief Justice D Y Chandrachud and Justice J B Pardiwala and Manoj Misra were to deliver the verdict in the case today on nearly 4 petitions.
As part of the judgement, the CJI read out the court’s conclusion and stated that the Supreme Court holds that there is no ground to transfer the investigation from SEBI to SIT. The conclusion also read that the court found no valid grounds to direct SEBI to revoke its amendments on FPI and LODR regulations.
The apex court was set to announce its judgement on a batch of petitions seeking a court-monitored investigation into the allegations made by the US-based firm Hindenburg Research against the Adani group of companies regarding stock market violations.
The judgement on the PILs, filed by lawyers Vishal Tiwari, M L Sharma, and Congress leader Jaya Thakur, and Anamika Jaiswal, was reserved last year on November 24, reported PTI. These pleas raised allegations against the Gautam Adani-led Adani Group that the Group inflated its share prices, and after the short-seller Hindenburg Research came out with its report highlighting these violations, the conglomerate’s firms saw a massive drop in their stock prices.
