Shares of Adani group companies such as Adani Enterprises Ltd, Adani Power Ltd, Adani Green Energy Ltd, Adani Green Solutions Ltd and Adani Wilmar Ltd were mixed in Monday’s trade after the Supreme Court (SC) reportedly deferred the Adani-Hindenburg case to 24 November.
Earlier on 20 October, the apex court had adjourned the matter for 10 days. Following the development, most of the Adani Group stocks traded mixed. Shares of Adani Enterprises were trading at Rs 2,257, down 0.17 per cent. Adani Ports and Special Economic Zone Ltd gained 0.12 per cent to Rs 783.05. Adani Power fell 1.33 percent to Rs 349.40.
Adani Green Energy shares gained 0.66 per cent to Rs 877.25. Adani Total Gas Ltd gained 0.21 per cent to Rs 560.90. Adani Wilmar fell 0.25 percent to Rs 328.75. ACC Ltd and NDTV Ltd each lost 0.3 per cent, while Ambuja Cements Ltd gained 0.3 per cent.
The SC was scheduled to take up the matter relating to Sebi’s probe into alleged financial misrepresentation and stock manipulation by the Gautam Adani-led Adani Group companies, as alleged by US-based short seller Hindenburg Research in a scathing report in January. The Adani group had denied any wrongdoing.
There have been reports that the Gautam Adani-led group’s auditors, SR Batliboi, are being investigated by the National Financial Reporting Authority (NFRA), the accounting regulator, but the group has rejected the suggestion that its companies have not acted in accordance with regulations and accounting standards. S.R. Batliboi is the current auditor of Adani Green Energy Ltd, Adani Power Ltd, Ambuja Cements, Adani Wilmar and ACC.
Earlier this month, a report suggested that Sebi was investigating a British Virgin Islands-based fund, Gulf Asia Trade & Investment, to ascertain whether it had any links with the Adani group and whether there had been any violation of shareholding rules.
Shareholding data for the September quarter showed that foreign portfolio investors (FPIs) had reduced their stakes in some of the group companies such as ACC Ltd, Adani Enterprises Ltd, Adani Wilmar Ltd, Adani Ports and Special Economic Zone Ltd and Ambuja Cements Ltd. Domestic mutual funds, on the other hand, bought into cement makers Ambuja Cements and ACC, Adani Ports and Adani Enterprises, among others, in the September quarter.
