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Adani-Hindenburg case: Supreme Court defers hearing; Adani stocks in the red

Adani Group stocks were bleeding during the early trading session on Friday as the Supreme Court deferred hearing in the Adani-Hindenburg matter by one week. The Supreme court will now take up the matter on October 20, 2023, Friday but earlier it was scheduled for today.

The Supreme court was scheduled to take up Sebi’s investigation report in the Adani-Hindenburg matter, where the US-based short seller accused Gautam Adani-led conglomerate of financial misinterpretation and manipulation. But the matter was removed from the list on Friday, the then announced date of hearing.

Amid the confusion, shares of Adani Group continued to remain under pressure. Adani Enterprises, the flagship company of the Adani Group, plunged more than 3 per cent to Rs 2422.95 with a total market capitalization of just above Rs 2.75 lakh crore. The scrip had settled at Rs 2,605.30 in the previous trading session.

Adani Enterprises raised Rs 700 crore in funding through non-convertible debentures (NCDs). On Thursday, Gautam Adani-controlled entity allotted 70,000 secured, unrated, unlisted, redeemable, NCDs, each having a face value of Rs 1,00,000, were issued on a private placement basis.

Another blue-chip from Adani Group, Adani Ports and Special Economic Zone dropped 2 per cent to Rs 806.90 and its total mcap slipped below Rs 1.75 lakh crore mark. On Thursday, Adani Ports said it has received offers totalling about $213 million for its dollar bond buyback, but it will only accept the $195 million that was previously declared.

Adani Power also weakened 2 per cent to Rs 341.50 during the session, while Adani Total Gas, Adani Energy Solutions, Adani Wilmar and Adani Green Energy declined a per cent each for the day. Acquired entities like Ambuja Cement, ACC and New Delhi Television (NDTV) were also seen in red for the day.

The Supreme Court was supposed to hear the Adani-Hindenburg case. It was likely to take-up the fresh status report filed by market watchdog Sebi. In August, Sebi had told the court that it had completed the probe in all but two allegations against the Adani Group, and is awaiting information from five tax havens on the actual owners behind the foreign entities.

Last month, a PIL was filed in the context with the Adani-Hindenburg row, wherein it was accused that Sebi was suppressing important facts from the apex court and hiding the Directorate of Revenue Intelligence’s (DRI) letter on alleged stock manipulation by the Adani firms.

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