After the Supreme Court delivered its verdict on the Hindenburg report leading to a major victory for billionaire Gautam Adani, his conglomerate’s group companies saw a major jump, with the market cap of Adani Group rising above ₹15 trillion.
Adani group company shares rose by 10 per cent before the verdict was announced by the Supreme Court bench. After 10:30 am today, the share prices saw a record hike of nearly 18 per cent, with firms like Adani Energy Solutions and NDTV leading the way.
As the markets closed on Wednesday evening, two Adani-owned companies – Adani Enterprises and Adani Ports – were among the top five gainers of the day on the Nifty index, despite the stock market opening flat today.
Adani Enterprises saw a gain of 2.41 percent, closing at ₹3003 on January 3, while Adani Ports rose by 1.47 percent today, closing at ₹1094.25 today. The top gainer of the day was Bajaj Auto, recording a growth of 4.82 percent.
Stock market today: Top 5 gainers on Nifty 50
| Company name | Percentage gain |
|---|---|
| Bajaj Auto | 4.84 |
| Adani Enterprises | 2.41 |
| IndusInd Bank | 1.62 |
| ITC | 1.47 |
| Adani Ports | 1.47 |
Adani-Hindenburg verdict by Supreme Court
After the Hindenburg report caused a major dent in the market cap of Adani Group, the Supreme Court ruled in favour of the business conglomerate, dismissing the need for an SIT probe in any of the cases pertaining to the financial report.
A Supreme Court bench led by Chief Justice DY Chandrachud ruled that the court does not have the power to enter the regulatory domain of Securities and Exchange Board of India (SEBI) in framing delegated legislation, it asked to board to conclude the investigation in pending two cases, preferably in three months.
The verdict, penned by the CJI, said, “Such a power is exercised in extraordinary circumstances when the competent authority portrays a glaring, wilful and deliberate inaction in carrying out the investigation. The threshold for the transfer of investigation has not been demonstrated to exist.”
Reacting to the news of his firm’s victory, Gautam Adani took to Twitter and wrote, “The Hon’ble Supreme Court’s judgement shows that: Truth has prevailed. Satyameva Jayate. I’m grateful for those who stood by us.”
(With inputs from PTI)