Adani Group shares in focus after Supreme Court backs SEBI probe. Details here

Shares of Adani Group companies maintained stability after the Supreme Court (SC) backed the market regulator Securities and Exchange Board’s (SEBI) investigation in the Adani-Hindenburg case on Wednesday.

Although shares of all 10 listed Adani Group companies experienced a dip, likely due to profit booking by investors, they remained in positive territory.

Adani Enterprises, the conglomerate's flagship entity, saw a 2.86 per cent increase, trading at Rs 3,016.40 around 11:15 am, while Adani Ports rose by 1.27 per cent to Rs 1,092.10 apiece.

Adani Transmission, which surged up to 16 per cent in early trade, continued to trade 9.03 per cent higher at Rs 1,158.40. Despite a reduction in gains, all other Adani Group shares were resilient, aligning with the market's expectations for the verdict.

Anticipating a favourable verdict, Adani Group shares soared before the announcement.

In its verdict on a batch of petitions related to the case, the SC stated, “There is no ground to transfer the probe in this case from Sebi to a special investigation team (SIT).” The court emphasised that the power to transfer an investigation must be exercised in exceptional circumstances, requiring cogent justifications.

The SC also dismissed arguments by petitioners regarding a perceived conflict of interest among the members of the Expert Committee formed earlier.

Furthermore, it directed Sebi to conclude its probe into the Adani-Hindenburg case within three months. Additionally, both Sebi and the government were instructed to investigate the allegations of short-selling as mentioned in Hindenburg Research’s report.

The stability of Adani Group shares post-verdict indicates that the market largely anticipated this outcome.