Adani Stocks React: SC Hearing on Hindenburg Case Postponed
Adani Stocks React to SC Hearing Postponement on Hindenburg Case Adani Enterprises Ltd, Adani Power Ltd, Adani Green Energy Ltd, and Adani Energy Solutions experienced fluctuations in share prices as reports indicated a postponement of the Supreme Court hearing on the Hindenburg case. Amid ongoing proceedings related to Article 370, the SC’s decision to not hear the Hindenburg allegations today has led to uncertainty. The next hearing date for the Adani-Hindenburg case is expected to be clarified later today, according to sources. While many Adani group stocks remained steady, a few saw minor declines.
Adani Enterprises Ltd shares were traded at Rs 2,509.70 on BSE, showing a 1.53% increase. The stock reached a peak of Rs 2,535 with a 2.55% jump earlier in the day. Adani Ports & SEZ traded at Rs 818.70, rising by 1.42%. Adani Power Ltd, reaching a high of Rs 334.35, was quoted at Rs 331.35, experiencing a 2.97% increase. Adani Energy Solutions Ltd (formerly Adani Transmission) saw a slight decline, trading at Rs 863.60 with a 0.16% decrease.
Adani Green Energy Ltd witnessed a 1.14% fall to Rs 968.90, down from its day’s peak of Rs 985. Adani Total Gas rose by 0.34% to Rs 657.95. Adani Wilmar Ltd shares remained stable at Rs 371.60, reaching a high of Rs 374.35 earlier in the day.
The Securities and Exchange Board of India (Sebi) concluded its investigation into all but two allegations against the Adani group. Sebi conveyed to the central bank its ongoing need for information from five tax havens to identify actual owners behind foreign investors linked to the conglomerate. Of the 24 matters under investigation, Sebi has finalized findings in 22. The investigation pertained to claims made by Hindenburg Research in January, accusing the Adani Group of activities like stock manipulation and fraudulent transactions. Hindenburg Research also alleged non-compliance with disclosure and shareholding laws. The group has denied any wrongdoing.
Sebi was directed by the Supreme Court to investigate the Hindenburg allegations and submit findings to a panel of six members, including a retired judge and experienced bankers.