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Adani Enterprises, Adani Ports Among Today’s Top 5 Gainers Post Hindenburg Verdict

Following the Supreme Court’s decision on the Hindenburg report, which resulted in a big victory for billionaire Gautam Adani, the market cap of his conglomerate’s group firms increased significantly, with the Adani Group’s market cap exceeding  ₹15 trillion.

Before the ruling was delivered by the Supreme Court bench, Adani group firm shares increased by 10%. After 10:30 a.m. today, share prices surged about 18%, with companies such as Adani Energy Solutions and NDTV leading the way.

Despite the stock market opened flat today, two Adani-owned firms – Adani Enterprises and Adani Ports – were among the top five gainers on the Nifty index when the markets closed on Wednesday evening.

Adani Enterprises saw a gain of 2.41 percent, closing at ₹3003 on January 3, while Adani Ports rose by 1.47 percent today, closing at ₹1094.25 today. The top gainer of the day was Bajaj Auto, recording a growth of 4.82 percent.

Stock market today: Top 5 gainers on Nifty 50

Company namePercentage gain
Bajaj Auto4.84
Adani Enterprises2.41
IndusInd Bank1.62
Adani Ports1.47

Adani-Hindenburg verdict by Supreme Court

After the Hindenburg report caused a significant drop in Adani Group’s market valuation, the Supreme Court decided in its favor, rejecting the need for a SIT inquiry in any of the financial report issues.

Chief Justice DY Chandrachud’s bench of the Supreme Court decided that the court lacked the authority to encroach on the Securities and Exchange Board of India’s (SEBI) regulatory purview when drafting delegated legislation. The court further requested that the board wrap up its investigation into two outstanding cases, ideally within three months.

The verdict, penned by the CJI, said, “Such a power is exercised in extraordinary circumstances when the competent authority portrays a glaring, wilful and deliberate inaction in carrying out the investigation. The threshold for the transfer of investigation has not been demonstrated to exist.”

Reacting to the news of his firm’s victory, Gautam Adani took to Twitter and wrote, “The Hon’ble Supreme Court’s judgement shows that: Truth has prevailed. Satyameva Jayate. I’m grateful for those who stood by us.”

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