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Adani shares rise 3.5% as Supreme Court concludes Hindenburg hearing

The arguments in the Hindenburg case have been concluded in the Adani Supreme Court hearing and the verdict has been reserved by a bench led by Chief Justice of India DY Chandrachud.

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Adani shares rise 3.5% as Supreme Court concludes Hindenburg hearing

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  1. Adani shares rise 3.5% as Supreme Court concludes Hindenburg hearing

  2. The arguments in the Hindenburg case have been concluded in the Adani Supreme Court hearing and the verdict has been reserved by a bench led by Chief Justice of India DY Chandrachud. The Securities and Exchange Board of India (S.E.B.I.), the market regulator, was asked by the court to finish its investigation in each of the 24 cases. A significant status report on the market regulator S.E.B.I.’s investigations into the claims of stock price manipulation by the Adani Group was sent to the Supreme Court on 25th August 2023. According to the report, 22 of the 24 cases have had the S.E.B.I.’s investigation completed. In trading on the National Stock Exchange of India Limited (N.S.E.) on 24th November 2023, shares of the billionaire Gautam Adani-led Adani Enterprises increased 3.5% to Rs. 2,250 as the Supreme Court concluded its hearing on the Hindenburg issue and postponed issuing an order.

  3. 3.5% rise in the Adani stocks after the Adani Supreme Court hearing On 24th November 2023, in N.S.E. trading, shares of the billionaire Gautam Adani-led Adani Enterprises increased 3.5% to Rs 2,250 as the Adani Supreme Court case concluded its hearing on the Hindenburg report and postponed making an order. Adani Power and NDTV, two more Adani stocks, increased by 4.5% and 8.3%, respectively. Adani Total Gas, Adani Energy Solutions, Adani Green Energy, and Adani Ports all saw more than 1% increase. On 24th November 2023, market regulator SEBI notified the Supreme Court that it would not be requesting an extension to finish its investigation into the Adani-Hindenburg case. According to the interim report of an expert committee appointed by the Supreme Court in May 2023, there was no regulatory failure and “no evident pattern of manipulation” in the companies owned by billionaire Gautam Adani. It pointed out several changes the SEBI made between 2014 and 2019.

  4. No clear indication of manipulation or regulatory failure In May 2023, an interim report was presented to the Adani Supreme Court hearing by the expert committee appointed by the Supreme Court. The report stated that there was no clear indication of manipulation or regulatory failure in the companies owned by billionaire Gautam Adani. However, it pointed out several changes the SEBI made between 2014 and 2019 that limited the regulator’s capacity to examine matters. It stated that its investigation into purported breaches of money flows from offshore entities had “drawn a blank.”

  5. Since January 2023, Gautam Adani has been entangled in controversy According to Solicitor General Tushar Mehta, there are no objections to the expert committee’s recommendations for bolstering the regulatory framework. The proposals are being considered and, in theory, have been accepted. Since January 2023, Adani has been involved in a contentious situation following allegations of corporate misgovernance by Hindenburg Research, which the conglomerate has strongly refuted. The apex court was notified after the company’s stocks experienced significant losses on Dalal Street following the publication of this report.

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