New Delhi, January 03: Adani group entities, notably Adani Enterprises and Adani Ports, witnessed a remarkable surge in share prices following the Supreme Court’s ruling on the Hindenburg report.
The conglomerate’s market cap soared above Rs 15 trillion after the apex court’s verdict favoring billionaire Gautam Adani. Before the court’s announcement, Adani group company shares had already surged by 10 per cent. Post the verdict, around 10:30 am, a historic spike of almost 18 per cent marked the stocks’ value surge, with Adani Energy Solutions and NDTV leading the upward trend.
Despite a tepid market opening today, by the evening closing bell, two prominent Adani-owned entities – Adani Enterprises and Adani Ports – secured spots among the top five gainers on the Nifty index.
Adani Enterprises concluded with a 2.41 per cent rise, closing at Rs 3003 on January 3, while Adani Ports saw a 1.47 per cent surge, reaching Rs 1094.25. The day’s leading gainer, Bajaj Auto, witnessed a robust growth of 4.82 per cent.
Supreme Court’s ruling in the Adani-Hindenburg verdict
Following the significant impact of the Hindenburg report on Adani Group’s market capitalisation, the Supreme Court delivered a pivotal judgment favoring the conglomerate, rejecting the necessity for an SIT (Special Investigation Team) probe concerning the financial report.
Chief Justice DY Chandrachud, leading the Supreme Court bench, emphasised the court’s limited jurisdiction in interfering with the regulatory domain of the Securities and Exchange Board of India (SEBI). Instead, the court directed SEBI to expedite the ongoing investigation in the remaining two cases, urging completion within a three-month period.
In the comprehensive verdict, penned by the Chief Justice, the court highlighted, “The authority to transfer investigations arises only in exceptional circumstances, when the concerned authority exhibits evident, intentional, and conscious inaction in conducting the probe. The requisite threshold for such a transfer has not been substantiated.”
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Responding to the news of the court’s ruling, Gautam Adani expressed his gratitude on Twitter, stating, “The Hon’ble Supreme Court’s judgment reinforces the triumph of truth. Satyameva Jayate. I extend my heartfelt appreciation to those who stood steadfastly by us.”
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