Gautam Adani welcomes Supreme Court order, says truth will prevail.

 

A time-limited investigation on the accusations made by Hindenburg Research against his organization was ordered by the Supreme Court, which was warmly welcomed by embattled industrialist Gautam Adani.

Embattled tycoon Gautam Adani on Thursday welcomed the Supreme Court order of a time-bound probe into allegations levelled by Hindenburg Research against his group, saying this will bring finality and truth will prevail.

Shortly after a bench headed by Chief Justice D Y Chandrachud passed the order, Gautam Adani tweeted: "The Adani Group welcomes the order of the Hon'ble Supreme Court. It will bring finality in a time bound manner. Truth will prevail." The Supreme Court on Thursday asked markets regulator Sebi to complete an investigation into US short-seller Hindenburg's allegations against Adani Group within two months.

Adani group stocks closed higher today after the Supreme Court directed Sebi to conclude its investigation into the Hindenburg Research report within two months.

Adani group equities, notably Adani Enterprises, jumped in early trade amid news of numerous block transactions. According to exchange statistics, over 3.5 percent of Adani Enterprises' stock, or nearly 3.9 crore shares, changed hands today. The sale was valued Rs 5,520 crore.

In its judgement today, the Supreme Court directed market regulator Sebi to investigate any rule breaches and stock price manipulation by the Adani group, as alleged by the US-based short-seller Hindenburg Research in its report issued on January 24. In the aftermath of the scandal, the Supreme Court has also appointed a commission to investigate the regulatory structure.

Adani Enterprises traded 1.52% higher on the BSE at Rs 1,588. During the open, the stock was among the worst performers.

Meanwhile, the stocks of four Adani Group firms, Adani Transmission, Adani Power, Adani Green, and Adani Wilmar, were locked in at the 5% upper circuit limit.

1. UPPER CIRCUIT: The "upper circuit" is the highest price a stock may attain on a particular trading day.

2. LOWER CIRCUIT: The "lower circuit" is the lowest price that a stock can reach on a given trading day.

On the BSE, Adani Power ended the day at Rs 161.40, Adani Green at Rs 535.25, Adani Transmission at Rs 708.35, and Adani Wilmar at Rs 398.40.

Adani Ports and SEZ finished at Rs 620.50, up 3.06 percent, while Adani Total Gas closed at Rs 739.10, up 3.86 percent.

Ambuja jumped 4.50 percent to Rs 369.50, while ACC increased 1.39 percent to Rs 1,794. Meanwhile, Ndtv rose 4.96 percent to Rs 209.65 on the Market.