Adani Enterprises, Adani Green, Adani Power shares: Adani stocks react as SC hearing on Hindenburg case postponed

Shares of Adani group companies such as Adani Enterprises Ltd, Adani Power Ltd, Adani Green Energy Ltd and Adani Energy Solutions, on Tuesday reacted to reports suggesting the Supreme Court was unlikely to hear the case regarding Hindenburg allegations today amid the ongoing hearing on Article 370. The next hearing date for Adani-Hindenburg case will be clarified by evening, as per reports. Following the development, most Adani group stocks stayed firm but as a few stocks cut gains.

Shares of flagship Adani Enterprises Ltd were trading at Rs 2,509.70 on BSE, up 1.53 per cent. The scrip jumped 2.55 per cent to hit a high of Rs 2,535 early in the day. Adani Ports & SEZ was trading at Rs 818.70, up 1.42 per cent. This scrip hit a high of Rs 820.75 earlier. Adani Power Ltd, which hit a high of Rs 334.35, was quoting at Rs 331.35, up 2.97 per cent. Adani Energy Solutions Ltd (erstwhile Adani Transmission) slipped into the red. This stock was trading at Rs 863.60, down 0.16 per cent.

Adani Green Energy Ltd fell 1.14 per cent to Rs 968.90 and was off its day's high of Rs 985. Adani Total Gas was up 0.34 per cent at Rs 657.95. Adani Wilmar Ltd shares were flat at Rs 371.60. This stock hit a high of Rs 374.35 earlier today.

The markets regulator Sebi has completed its probe in all but two allegations against the Adani group. Sebi informed the central bank that it was still awaiting information from five tax havens on actual owners behind foreign investors investing in the conglomerate. In a status report, Sebi stated that out of the 24 matters it was probing, findings in 22 are final.

Sebi was investigating allegations made by Hindenburg Research in January this year, wherein it accused the Adani Group of stock manipulation, fraudulent transactions and other financial misdeeds. It accused the group of using offshore companies in tax havens to manipulate share prices and financial results. The Hindenburg report also alleged non-compliance with disclose and shareholding laws. The group has denied wrongdoing.

The SC had asked Sebi to look into the Hindenburg Research allegations and submit its findings to a six-member panel, which included a retired judge and veteran bankers.

Also see: Hot stocks on August 29, 2023: Suzlon Energy, Zomato, Gokaldas Exports, SJVN and more

Also read: Paytm, ITC, Zomato, Axis Bank shares: As foreign inflows fall, here's how FPI favs fared in August