Adani-Hindenburg Case: The Supreme Court of India postponed the Adani-Hindenburg case hearing until October 20. Adani Group’s stocks, including Adani Enterprises, Adani Ports & SEZ, Adani Power, traded lower amid the delay, as SEBI’s status report was set to be discussed in the ongoing case.
Adani-Hindenburg Case: Understanding the Adani-Hindenburg Case Delay
New Delhi,13 October(City Times): (Adani-Hindenburg Case): The Supreme Court of India recently postponed the hearing of the Adani-Hindenburg case to October 20, leading to fluctuations in Adani Group stocks. This article delves into the reasons behind the delay and its impact on the stock market.
Adani Group Stock Market Performance
On the day of the hearing delay, Adani Enterprises saw a significant drop of over 3% in its share value. This decline was followed by Adani Power, Adani Total Gas, and Adani Wilmar, which experienced declines of over 1%. Other entities within the Adani Group, including Adani Ports & SEZ, Adani Energy Solutions, and Adani Green Energy, saw stock value reductions ranging from 0.7% to 1%.
Background of the Adani-Hindenburg Case
The Supreme Court’s decision to delay the Adani-Hindenburg case comes after a Public Interest Litigation (PIL) last month accused the Securities & Exchange Board of India (SEBI) of concealing crucial information from the court. The PIL also alleged that SEBI had not disclosed a letter from the Directorate of Revenue Intelligence (DRI) regarding potential stock manipulation by Adani companies.
SEBI’s Investigation Status
In August, SEBI had reported to the Supreme Court that it had completed its investigation into all but two allegations against the Adani Group. However, SEBI is still waiting for information from five tax havens concerning the true owners of the foreign entities that have invested in the conglomerate.
Stock Market Impact
The delay in the Adani-Hindenburg case has had a substantial impact on Adani Group stocks. Currently, nine out of ten Adani Group stocks are trading in the red, with Adani Enterprises experiencing a 2% decline, along with Adani Power and Adani Energy Solutions. The only stock within the group that has managed to maintain gains is Adani Ports, which saw a 0.5% increase.
Looking Ahead in the Adani-Hindenburg Case
As the case faces delays and uncertainties, it continues to influence the stock market performance of Adani Group entities. Investors and market enthusiasts will be closely watching the developments in this high-stakes legal battle.
