SC verdict on Adani-Hindenburg case today: Adani Enterprises, Adani Power, Adani Ports, Adani Green Energy, other Adani stocks in focus

Adani group shares including Adani Enterprises Ltd, Adani Power Ltd, Adani Green Energy Ltd, Adani Total Gas Ltd, Adani Ports & Special Economic Zone Ltd and Adani Wilmar Ltd will be in focus in Wednesday's trading session, as the Supreme Court of India is set to pronounce its the much-awaited verdict on the Adani- Hindenburg row that wiped nearly $150 billion in market capitalisation off Adani group companies in early 2023. Ambuja Cements Ltd, Adani Energy Solutions Ltd, ACC Ltd and NDTV Ltd are some other Adani group stocks in focus today.

A report by the US based short-seller Hindenburg Research had in January 2023 accused the Gautam Adani-led Adani group of “stock manipulation” and "brazen accounting fraud", which triggered a selloff in Adani shares last year.

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The Supreme Court in March last year asked the markets regulator Sebi to look into any disclosure breach or violation of existing laws and, in August 2023, Sebi submitted its status report on the investigation. A three-judge bench headed by Chief Justice D.Y. Chandrachud and Justices J.B. Pardiwala and Manoj Misra, who were hearing the case, reserved verdict in the case in November last year.

The SC recently noted that the Hindenburg Research report should not be treated as a statement of truth. It suggested that the apex count cannot doubt Sebi's probe into the case by relying merely on a few media reports.

"We don't have to treat what is set out in the Hindenburg report as ipso facto (automatically) a true state of affairs. That is why we directed the Sebi to investigate. Because for us to accept something which is in the report of an entity, which in not before us and whose veracity we have no means of testing, would really be unfair," the bench, told advocate Prashant Bhushan recently, who was appearing for one of the petitioners.

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