Adani Shares Slump: Supreme Court Defers Hearing Of Adani-Hindenburg Case Till October 20

The Adani-Hindeburg case hearing, which was expected to take place today has been deferred to October 20 by the Supreme Court as per a CNBC-TV18 report.

Nine out of 10 Adani Group stocks are trading in the red with Adani Enterprises falling as much as 2% followed by Adani Power and Adani Eneru Solutions. The only stock trading with gains from the pack is Adani Ports which is 0.5% higher.

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.