Edited by Deepali Verma
Once the Supreme Court ruling refused intervention in the market regulator’s investigation exploring the allegations of stock price manipulation by the Adani Group on January 3, the shares of the power-to-ports giant witnessed a significant surge.
This favourable ruling for the Ahmedabad-based conglomerate facilitated the group’s stocks soared by up to 12 per cent on January 3 which contributed to an overall market capitalisation gain of over ₹15 lakh crore. As a result of these gains, Gautam Adani’s family pushed past Mukesh Ambani of Reliance Industries, reclaiming the title of Bharat’s wealthiest promoter, as per the Business Standard reports.
On January 3, the net worth of the Gautam Adani family increased to ₹9.37 lakh crore from ₹8.98 lakh crore that was recorded a day earlier. On the other end, the net worth of the Mukesh Ambani family slightly decreased to ₹9.28 lakh crore from ₹9.38 lakh crore during this period.
Adani Group stocks rally
• Adani Energy Solutions reported a surge by 11.60 per cent to reach ₹1,183.90.
• Adani Total Gas witnessed a notable increase of 9.84 per cent that closed at ₹1,099.05.
• Adani Green Energy showed a rather solid performance, climbing 6 per cent to ₹1,698.75.
• Adani Power’s shares were 5 per cent higher at ₹544.65.
• Adani Wilmar had recorded a gain of 3.97 per cent, closing at ₹381.05.
• NDTV had a raise by 3.66 per cent to settle at ₹281.60.
• Flagship firm Adani Enterprises increased by 2.45 per cent sitting at ₹3,003.95.
• A1.39 per cent rise recorded by Adani Ports, reaching ₹1,093.50.
• Ambuja Cements shares rose by 0.94 per cent to ₹535.60.
• ACC inched up by 0.10 per cent, closing at ₹2,270.
Supreme Court’s judgement into Adani-Hindenburg issue
The Supreme Court refused to transfer the investigation into allegations of stock price manipulation by the Bharatiya corporate giant to a special investigation team called CBI. The court informed that the market regulator SEBI was conducting a “comprehensive investigation” and its conduct “inspires confidence.” The apex court further directed the SEBI to promptly conclude the two pending investigations, preferably within the span of three months.
A bench led by Chief Justice D Y Chandrachud remarked that the reliance on newspaper articles or reports put forth by third-party organisations like the Organised Crime and Corruption Reporting Project (OCCRP) to question a comprehensive investigation by a specialised regulator does not inspire confidence.
The bench additionally comprises Justices J B Pardiwala and Manoj Misra, who acknowledged that SEBI has concluded 22 out of the 24 investigations into allegations against the Adani Group.
Billionaire Gautam Adani, post the judgement, said, “The Hon’ble Supreme Court’s judgement shows that truth has prevailed. Satyameva Jayate.”
