Adani Group shares experienced a robust surge of up to 20% on Tuesday, following the Supreme Court's decision to reserve its verdict in the Adani-Hindenburg case on November 24. The market saw notable gains, with Adani Total Gas rising by 19%, Adani Energy by 17%, Adani Green by 14%, Adani Power by 13%, and Adani Enterprises by 10%.
The Supreme Court emphasized that the Securities Exchange Board of India (SEBI) should not solely rely on media reports for its findings. The Chief Justice of India expressed dissatisfaction with the petitioners using information from entities like the Organized Crime and Corruption Reporting Project and Hindenburg Research.
The Solicitor General of India, Tushar Mehta, highlighted fresh insights about the OCCRP report during the court proceedings. Mehta revealed that when SEBI requested details and documents from OCCRP regarding their allegations against the Adani Group, OCCRP refused to share them directly. Instead, they directed SEBI to obtain the information from an Indian NGO, purportedly run by Prashant Bhushan, which had initially provided them with the information.
Mehta informed the court that investigations into 22 out of the 24 cases related to allegations against the Adani Group had concluded. However, for the remaining two cases, information from foreign regulators was needed, and some additional details were pending. While progress had been made, Mehta acknowledged the challenges in controlling the timeline due to the nature of obtaining information from external sources.
(With agency inputs)
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