Adani-Hindenburg case: SC hearing deferred; Adani group stocks mixed
Earlier on October 20, the apex court had deferred the matter for 10 days. Following the development, most Adani group stocks were trading mixed.
- Oct 30, 2023,
- Updated Oct 30, 2023 11:39 AM IST
Shares of Adani group companies such as Adani Enterprises Ltd, Adani Power Ltd, Adani Green Energy Ltd, Adani Green Solutions Ltd and Adani Wilmar Ltd were trading mixed in Monday's trade after the Supreme Court (SC) reportedly deferred the Adani-Hindenburg case to November 24.
Earlier on October 20, the apex court had deferred the matter for 10 days. Following the development, most Adani group stocks were trading mixed. Shares of Adani Enterprises were trading at Rs 2,257, down 0.17 per cent. Adani Ports and Special Economic Zone Ltd added 0.12 per cent to Rs 783.05. Adani Power fell 1.33 per cent to Rs 349.40.
Adani Green Energy shares rose 0.66 per cent to Rs 877.25. Adani Total Gas Ltd edged 0.21 per cent higher to Rs 560.90. Adani Wilmar fell 0.25 per cent to Rs 328.75. ACC Ltd and NDTV Ltd fell 0.3 per cent each while Ambuja Cements Ltd rose 0.3 per cent.
The SC was scheduled to take up the matter relating to Sebi's investigation regarding alleged financial misinterpretation and stock manipulation by the Gautam Adani-led Adani group companies, as suggested by the US-based short seller Hindenburg Research in a scathing report in January . The Adani group had denied any wrongdoing.
There has been reports that the Gautam Adani-led group’s auditors SR Batliboi is being scrutinised by National Financial Reporting Authority (NFRA), the accounting regulator, but the group rejected the suggestion that its businesses did not act as per the regulations and accounting standards. S.R. Batliboi is the current auditors for Adani Green Energy Ltd, Adani Power Ltd, Ambuja Cements, Adani Wilmar and ACC.
Earlier this month, a report suggested that the capital markets regulator Sebi was investigating a British Virgin Islands-incorporated fund, Gulf Asia Trade & Investment, to check if it had any relation with the Adani Group and whether there was a violation of share ownership rules.
The September quarter shareholding data suggested that a few group companies such as ACC Ltd, Adani Enterprises Ltd, Adani Wilmar Ltd, Adani Ports and Special Economic Zone Ltd and Ambuja Cements Ltd saw foreign portfolio investors (FPIs) reducing stakes sequentially. Domestic mutual funds, on the other hand, were seen buying in to cement makers Ambuja Cements and ACC, Adani Ports and Adani Enterprises, among others, in the September quarter.
(More to come)
Also read: IIFL Finance shares: Jefferies initiates coverage with 'Buy' call, target Rs 760
Shares of Adani group companies such as Adani Enterprises Ltd, Adani Power Ltd, Adani Green Energy Ltd, Adani Green Solutions Ltd and Adani Wilmar Ltd were trading mixed in Monday's trade after the Supreme Court (SC) reportedly deferred the Adani-Hindenburg case to November 24.
Earlier on October 20, the apex court had deferred the matter for 10 days. Following the development, most Adani group stocks were trading mixed. Shares of Adani Enterprises were trading at Rs 2,257, down 0.17 per cent. Adani Ports and Special Economic Zone Ltd added 0.12 per cent to Rs 783.05. Adani Power fell 1.33 per cent to Rs 349.40.
Adani Green Energy shares rose 0.66 per cent to Rs 877.25. Adani Total Gas Ltd edged 0.21 per cent higher to Rs 560.90. Adani Wilmar fell 0.25 per cent to Rs 328.75. ACC Ltd and NDTV Ltd fell 0.3 per cent each while Ambuja Cements Ltd rose 0.3 per cent.
The SC was scheduled to take up the matter relating to Sebi's investigation regarding alleged financial misinterpretation and stock manipulation by the Gautam Adani-led Adani group companies, as suggested by the US-based short seller Hindenburg Research in a scathing report in January . The Adani group had denied any wrongdoing.
There has been reports that the Gautam Adani-led group’s auditors SR Batliboi is being scrutinised by National Financial Reporting Authority (NFRA), the accounting regulator, but the group rejected the suggestion that its businesses did not act as per the regulations and accounting standards. S.R. Batliboi is the current auditors for Adani Green Energy Ltd, Adani Power Ltd, Ambuja Cements, Adani Wilmar and ACC.
Earlier this month, a report suggested that the capital markets regulator Sebi was investigating a British Virgin Islands-incorporated fund, Gulf Asia Trade & Investment, to check if it had any relation with the Adani Group and whether there was a violation of share ownership rules.
The September quarter shareholding data suggested that a few group companies such as ACC Ltd, Adani Enterprises Ltd, Adani Wilmar Ltd, Adani Ports and Special Economic Zone Ltd and Ambuja Cements Ltd saw foreign portfolio investors (FPIs) reducing stakes sequentially. Domestic mutual funds, on the other hand, were seen buying in to cement makers Ambuja Cements and ACC, Adani Ports and Adani Enterprises, among others, in the September quarter.
(More to come)
Also read: IIFL Finance shares: Jefferies initiates coverage with 'Buy' call, target Rs 760