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Adani Group stocks zoom after SC hearing

Adani Group stocks rallied up to 20 per cent on Tuesday after the Supreme Court on November 24 reserved its order in the Adani-Hindenburg case.

New Delhi, Nov 28,2023:  Adani Group stocks rallied up to 20 per cent on Tuesday after the Supreme Court on November 24 reserved its order in the Adani-Hindenburg case. Adani Total Gas is up 19 per cent, Adani Energy is up 17 per cent, Adani Green is up 14 per cent, Adani Power is up 13 per cent, Adani Enterprises is up 10 per cent. The court said that the Securities Exchange Board of India (SEBI) cannot be expected to follow what newspaper reports have said in order to make its findings. The Chief Justice of India also expressed displeasure over the use of information from reports by organizations like the Organized Crime and Corruption Reporting Project and Hindenburg Research by the petitioners. The Solicitor General of India, Tushar Mehta brought new facts regarding the OCCRP report to the notice of the Supreme Court. As per the Solicitor General, when the SEBI wrote to the OCCRP seeking details and documents relied upon by the organisation while making the allegations against the Adani Group in the August 31 report, the OCCRP did not share the details of the allegations and said that they could instead be obtained from an NGO in India, which had provided it the information. As per the Solicitor General, this NGO is run by Prashant Bhushan. During the hearing, the Solicitor General of India informed the Court that investigation in 22 out of the 24 cases relating to allegations against the Adani Group were over. “For remaining two, we need information from foreign regulators etc. and some other information. We have been in consultation with them. Some information has come but that is where we are not in control of the time limit for obvious reasons…,” he said.

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