Gautam Adani Welcomes SC Order, Says Truth Will Prevail

| Updated: March 2, 2023 6:30 pm

Adani group stocks ended positive today after the Supreme Court directed SEBI to complete its probe on the report by Hindenburg Research within two months.  

After the supreme court verdict was announced, all 10 Adani stocks were trading in the green today with four of them locked in 5% upper circuits. The conglomerate’s flagship entity Adani Enterprises was up 2%.

After four petitions were filed in the supreme court on the Hindenburg report and the following crash in stock prices of Adani Group companies, the Supreme Court on Thursday ordered the setting up of a six-member committee headed by former supreme court judge AM Sapre, including KV Kamath, Nandan Nilekani, Omprakash Bhatt, Somasekhar Sundaresan, Justice KP Devdatt, to look into various regulatory aspects for stock markets. The panel has also been asked to suggest measures for strengthening the existing regulatory framework. 

Meanwhile, Adani Ports, Adani Transmission, and Adani Green Energy also saw block deals, of 4.1 per cent, 2.5 per cent, and 3.5 per cent stakes, respectively, news reports stated.

Gautam Adani welcomed the SC’s decision and said “it will bring finality in a time-bound manner. Truth will prevail.”

Adani Enterprises closed 1.52 per cent higher, at Rs 1,588 on BSE. The stock was among the top losers at the open. Meanwhile, four Adani Group companies’ stocks, namely Adani Transmission, Adani Power, Adani Green, and Adani Wilmar, were locked in the 5 per cent upper circuit limit.

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