Updated January 5th, 2024 at 10:54 IST
Adani-Hindenburg case: Adani stocks volatile after SC directs SEBI to complete probe in three months
Adani Enterprises shares have retreated by 5% from the day's peak, while Adani Ports has witnessed profit booking, with the stock down 4.4% from day's peak.
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Adani group stocks volatile: Adani Group stocks experienced volatility in the market following the Supreme Court's decision to refrain from intervening in the Securities and Exchange Board of India (SEBI) probe related to the Adani-Hindenburg case.
Adani Enterprises shares have retreated by 5 per cent from the day's peak, while Adani Ports has witnessed profit booking, with the stock down 4.4 per cent from its highest point.
Meanwhile, Adani Energy Solutions and Adani Total Gas have recorded declines of 6 per cent and 3 per cent respectively from their respective day's highs.
In its judgment, the Apex Court stated that there is no justification for transferring the case from SEBI to the Central Bureau of Investigation (CBI). The bench, led by Chief Justice Chandrachud and accompanied by Justices JB Pardiwala and Manoj Misra, had earlier reserved judgment on November 24.
Chief Justice of India DY Chandrachud expressed dissatisfaction with the allegations against SEBI concerning its investigation into the Adani-Hindenburg issue. The bench stressed that third-party reports should not be considered conclusive proof, and there is no evidence of a conflict of interest.
Adani Group stocks have rebounded after experiencing an 80 per cent decline at the peak of the Hindenburg Saga.
While some stocks, like Adani Ports, have fully recovered their Hindenburg losses and are trading at new highs, other group companies have managed to narrow their losses.
The overall market capitalisation of the Adani Group has surpassed the Rs 15 lakh crore mark, although it remains significantly below the peak of Rs 23 lakh crore.
However, the current market capitalisation is nearly triple the record low of Rs 5.8 lakh crore reached during the Hindenburg saga.
Published January 3rd, 2024 at 11:41 IST