AEL, Adani Power, Adani Total Gas: Adani group shares mixed ahead of SC hearing on Sebi plea

Adani Enterprises Ltd (AEL), Adani Power Ltd and Adani Green Energy shares were trading mixed in Wednesday's trade ahead of Supreme Court's hearing of a bunch of petitions seeking a probe into the Hindenburg Research's report against the Gautam Adani-led Adani Group.

Stocks were also in focus as the apex court would hear Sebi's plea seeking an extension of the time to submit the report. A three-judge bench led by the Chief Justice of India (CJI) DY Chandrachud will hear the matter.

Most Adani group stocks were flattish. AEL, the group's flagship, edged 0.06 percent higher at Rs 1,888.85. Adani Ports & SEZ rose 0.3 per cent to Rs 688.75. Adani Power inched 0.15 per cent lower at Rs 235.95. Adani Transmission dropped 1.86 per cent to Rs 797.35. Adani Green Energy shares were flat at Rs 873.95. Adani Total Gas tanked 4.2 per cent to Rs 707.60. Adani Wilmar was flat at Rs 383.35. Cement makers ACC and Ambuja Cements and media firm NDTV rose 0.6 per cent each.

SC had on Monday adjourned the hearing on Sebi's plea regarding a 6-month extension to conclude the investigation into the allegations levelled by Hindenburg Research against the Adani group.

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Sebi prima facie said that the 12 transactions described in the Hindenburg report are highly complex and have many sub-transactions across numerous jurisdictions. It suggested that an investigation of the transactions would entail collation of data/information from sources like bank statements from domestic as well as international banks, financial statements of onshore and offshore entities involved and contracts and agreements, if any, between the entities coupled with supporting documents.

Sebi recently said any incorrect or premature conclusion arrived at without full facts and material on record will be legally untenable. Meanwhile, the apex court said that it was willing to extend the deadline to three months.

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