In the wake of the Supreme Court's ruling on the Gautam Adani-Hindenburg short selling case, all Adani group stocks experienced a substantial surge on Wednesday. Despite a weak overall equity market, Adani Energy Solutions rose by 17.83%, NDTV jumped by 11.39%, Adani Total Gas climbed by 9.99%, Adani Green Energy soared by 9.13%, and Adani Enterprises surged by 9.11% on the BSE.
During the same period, Adani Wilmar saw an 8.52% uptick, Adani Ports experienced a 6% rise, Adani Power registered a gain of 4.99%, Ambuja Cements grew by 3.46%, and ACC witnessed an increase of 2.96%.
On Wednesday, the Adani group received a reassuring decision from the Supreme Court, which chose not to transfer the investigation into the Adani-Hindenburg matter to a Special Investigation Team (SIT) or the Central Bureau of Investigation (CBI). The allegations of stock price manipulation against the Indian conglomerate were initially examined by the Securities and Exchange Board of India (SEBI).
Chaired by Chief Justice DY Chandrachud, alongside Justices PS Pardiwala and Manoj Misra, the bench underscored the limited jurisdiction of the Supreme Court in intervening with SEBI's regulatory functions. The court emphasized its role in judicial review, primarily focused on ascertaining any breach of fundamental rights. In this context, the Supreme Court found no compelling reasons to transfer the investigation to the SIT or any other agency, expressing confidence in SEBI's inquiry.
At present, the conglomerate has added over Rs 1 lakh crore to investor wealth, pushing the Adani group's market capitalization to over Rs 15 lakh crore. The financial markets responded positively to the case's outcome, reflecting investor confidence in the Adani group's future prospects.
