Adani Shares Slip Ahead Of The Supreme Court Hearing

Adani Group shares slide ahead of the Supreme Court hearing on Adani-Hindenburg case. Nine out of the 10 Adani Group companies trading with cuts with Adani Enterprises falling up to 3% followed by Adani Power and Adani Total Gas slipping 1% each; NDTV is the only stock trading in the green with minor gains.

The Supreme Court will hear the much talked about Adani vs Hindenburg case today and will take into acknowledgement the fresh report filed by the market regulator Securities & Exchange Board of India (SEBI).

In September, a PIL in the said case alleged that the SEBI is suppressing important facts from the apex court and is also hiding the Directorate of Revenue Intelligence's (DRI) letter on alleged stock manipulation by the Adani firms. The plea sought the court to formulate a new panel that comprises members with unblemished integrity and no conflict of interest related to the Hindenburg report.

In August, SEBI informed the court that it had completed a probe of the allegations made against the Adani Group except two. The SEBI also stated that it is awaiting information from five tax havens on the actual owners behind the foreign entities that have invested in the conglomerate.

On January 24 of this year, US-based short seller Hindenburg Research alleged that Adani Group is involved in accounting fraud, stock price manipulation, and improper use of tax havens. Following this, the SC asked SEBI to probe the allegations and submit findings. A six-member expert panel was formed in March to take over the investigation.