Adani Enterprises surged by 10%, marking its most significant increase since May 23. Adani Total Gas saw a 19% rise, while Adani Green, Adani Power, Adani Wilmar, and NDTV all experienced a 10% increase. Adani Ports also showed a 6% uptick.
Why Adani Stocks Surging ?
Adani Group stocks saw a surge in value, driven by significant developments in the ongoing Adani-Hindenburg case. Following a series of Public Interest Litigations (PILs), the Supreme Court has reserved its verdict on allegations brought forth by Hindenburg Research against the Adani Group, specifically related to potential violations of stock market regulations.
In the latest proceedings, the Securities and Exchange Board of India (SEBI) informed the Supreme Court that it does not require additional time to complete its investigation into the Adani-Hindenburg matter. Notably, SEBI has already resolved 22 out of the 24 cases linked to the Hindenburg issue. The outstanding aspects of the probe hinge on acquiring data from foreign regulatory bodies.
The three-judge panel of the Supreme Court, headed by Chief Justice DY Chandrachud, has concluded hearings on multiple petitions seeking an inquiry into the Adani-Hindenburg matter. As the proceedings wrapped up, the panel requested written submissions by Monday, indicating a pivotal moment in the case’s progression.
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