The Supreme Court on Wednesday asked SEBI to complete its investigations into two pending cases in connection with the allegations against the Adani Group within three months. The allegations pertain to stock price manipulation against Gautam Adani-led group in a report published by US short seller Hindenburg Research in January 2023.
The top court said its power to enter the regulatory framework of SEBI is limited, adding that the markets regulator has completed probe into 22 other cases into allegations against the group.
The bench headed by Chief Justice D.Y. Chandrachud declined to order a probe by an SIT or another agency into the Adani-Hindenburg row. The apex court told the Centre and SEBI to consider the recommendation of an expert committee to strengthen the regulatory framework.
The court was delivering its verdict on a batch of PILs filed by lawyers Vishal Tiwari, M.L. Sharma, Congress leader Jaya Thakur, and Anamika Jaiswal on the Adani-Hindenburg row over allegations of stock price manipulation. The judgment was reserved on November 24.
Reacting to the verdict, Adani posted on X: “The Hon’ble Supreme Court’s judgement shows that: Truth has prevailed. Satyameva Jayate. I am grateful to those who stood by us. Our humble contribution to India’s growth story will continue. Jai Hind.”
Shares of Adani group of companies leaped following the verdict. Adani Energy Solutions soared 17.83 per cent, NDTV climbed 11.39 per cent, Adani Total Gas surged 9.99 per cent, Adani Green Energy rose 9.13 per cent and Adani Enterprises jumped 9.11 per cent on the BSE.
Shares of Adani Wilmar increased by 8.52 per cent, Adani Ports leaped 6 per cent, Adani Power soared 4.99 per cent), Ambuja Cements rose 3.46 per cent and ACC surged 2.96 per cent. Adani Ports and Ambuja Cements also touched their 52-week high levels during the trade.
