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BUSINESS EYE DECEMBER 08, 2023 | The Indian Eye 34

Adani stocks surge across the board after

top court questions Hindenburg allegations

Investors take a positive cue from the court’s direction to SEBI to conclude its investigation and the

observations by the chief justice of India that Hindenburg’s report could not be considered as “credible”

OUR BUREAU
New Delhi/Mumbai

hares of billionaire Gautam
Adani’s 10 listed companies
Ssurged on Tuesday, the first
trading day following a long week-
end, after the country’s Supreme
Court reserved its judgement on the
long-running Adani-Hindenburg
saga last week. The court concluded
hearings on multiple petitions about
the Securities and Exchange Board
of India (SEBI)’s investigation into
the allegations of stock manipula-
tion that were made against Adani by
U.S.-based Hindenburg Research ten
months ago.
The Supreme Court Bench said
that SEBI must complete the probe
in all 24 cases. “We don’t have to
treat the Hindenburg report as be-
ing a statement of truth. There is no
means of testing the veracity of the
Hindenburg report and hence asked
SEBI to probe,” the bench said.
“There has to be some responsibility
in making allegations.” This was in re-
gards to petitioners telling the court
that Somsekhar Sundaresan, recent-
ly elevated as additional judge of the Vishal Tiwari, advocate representing the Adani Group, speaks to the media on the Adani-Hindenburg row at the Supreme Court
Bombay High Court, was counsel for in New Delhi (ANI File Photo)
the Adani Group. The court further
said that by this logic, no lawyer can
become a judge. “We didn’t appoint Chandrachud. pleadings for an investigation into 18.65 percent in the previous session.
judges but industry veterans to bring Investors took a positive cue the allegations of manipulations Meanwhile, Adani Wilmar
expertise in addressing the issue.” from the court’s direction to SEBI and corporate malfeasance in the gained almost 7 percent to ₹372,
The apex court concluded hear- to conclude its investigation and the Hindenburg report. On 24th Janu- Adani Green Energy added as much
ings on these petitions on Friday, observations by the chief justice of ary, US-based Hindenburg Research as 6.6 percent to ₹1,122.90, Adani
November 24, but the stock reaction India that Hindenburg’s report could published a report accusing the Power advanced 5.6 percent to
was witnessed starting Tuesday, No- not be considered as “credible” and Adani Group of engaging in fraudu- ₹470.90 whereas Adani Ports and
vember 28, as markets were closed nor should media reports be treated lent activities to artificially inflate its Adani Enterprises were up 2 per-
on Monday (November 27) on ac- as “gospel truth.” SEBI on its part stock prices. The Group has strenu- cent each in intra-day deals today.
count of Guru Nanak Jayanti. assured the court that it did not need ously denied these allegations with a These 5 stocks also rose between 5
Sebi on Friday had informed an extension and had completed its detailed rebuttal. percent and 12.5 percent in the pre-
the Supreme Court that it does not investigation of 22 out of 24 cases. Among the stocks, Adani Total vious session.
need additional time to complete its After witnessing the biggest mar- Gas witnessed the biggest surge in “The mood among money man-
investigation into the Adani Group, ket cap rise since Hindenburg in the intra-day deals today, rising 18 per- agers has been to cut all shorts and
with 22 of the 24 cases related to previous session (November 28), the cent to ₹760. The stock ended at its go long, so I am not at all surprised
the Hindenburg matter already re- Adani Group stocks continued their 20 percent upper circuit in the pre- by today’s move,” said Abhay Agarw-
solved. The probe’s remaining as- upward momentum on November 29 vious session. Just in 2 sessions, it al, fund manager at Piper Serica Ad-
pects hinge on data from foreign deals as well. has advanced over 41 percent. It was visors Pvt. The SC’s statement about
regulatory bodies. The rise comes after the Su- followed by Adani Energy Solutions, SEBI’s probe was definitive but the
The apex court’s three-judge preme Court reserved its order on which jumped 10 percent to its in- stock rally today “seems more about
panel was led by Chief Justice D multiple public interest litigation tra-day high of ₹954.85. It also rallied short squeezing”.

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