As detailed in the Hindenburg Research report, Adani Group stocks rose sharply in early trading on Wednesday, January 3, ahead of the Supreme Court's decision on petitions demanding a probe into fraud claims against Adani Group companies. In early trading on the BSE, shares of Adani Enterprises climbed about 6%, while those of Adani Ports rose nearly 4% to a 52-week high of 1,117.10.
Adani Energy Solutions shares increased by more than 14%, while Adani Power shares reached their 5% upper circuit of 544.65. Adani Total Gas shares increased by 10%, while Adani Green Energy shares increased by roughly 9%. Adani Wilmar's stock increased by approximately 7%.
Furthermore, NDTV shares increased nearly 9%, while Ambuja Cements shares increased about 2% to new 52-week highs of 541.45. ACC shares have also risen roughly 2%. As previously reported by Mint, a bench consisting of Chief Justice D Y Chandrachud and justices J B Pardiwala and Manoj Misra will rule on up to four petitions at 10:30 a.m.
On November 24, 2023, a decision on the PILs was reserved. The petitions said that the Adani Group, which is connected to the Modi government, inflated its share prices and that, following the report of the short seller Hindenburg Research, the share value of several group corporations plummeted drastically.
In the aftermath of the Hindenburg report, the Supreme Court instructed the capital markets regulator Securities and Exchange Board of India (SEBI) to investigate potential violations of securities legislation by the Adani Group in March 2023. The court had also formed an expert group of six members, led by former Supreme Court Justice AM Sapre.
Billionaire Gautam Adani's corporation lost about $60 billion of his personal wealth last year when Hindenburg Research, a US-based short seller, accused his company of market manipulation and accounting fraud in January 2023.
Hindenburg Research, a US-based short seller, accused Adani Group of accounting fraud, stock price manipulation, and unlawful use of tax havens in January 2023.
The story sparked a stock market rout of Adani group shares, wiping away about $150 billion in market value at its lowest point. The Adani group, for its part, has denied all charges. Following the Hindenburg claims, the Supreme Court directed market regulator SEBI to conduct an investigation and report its findings.
