All 10 stocks from billionaire Gautam Adani's belt ended higher on Tuesday (November 28) after the Supreme Court (SC) reserved its order on the Adani-Hindenburg issue. The conglomerate's stocks posted their best day since US-based short seller Hindenburg Research's explosive report released in January this year.

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Shares of Adani Enterprises Ltd (AEL), the flagship entity of the diversified Adani Group, rallied 12% to hit a day's high of ₹2,512.40. Other Adani Group stocks including Adani Total Gas, Adani Power and Adani Ports rose 20%, 13% and 6%, respectively.

Adani Energy Solutions added 12%, Adani Green Energy 7%, NDTV 5%, Adani Wilmar 5%, ACC 3% while Ambuja Cements gained 3%.

The Adani Group's market value surged by over $15 billion with group stocks rallying today. “The mood among money managers has been to cut all shorts and go long, so I am not at all surprised by today’s move,” said Abhay Agarwal, fund manager at Piper Serica Advisors Pvt. The SC’s statement about SEBI’s probe was definitive but the stock rally today “seems more about short squeezing”.

The verdict in the Adani-Hindenburg case have been reserved by a bench led by Chief Justice of India DY Chandrachud. The apex court observed that capital market regulator SEBI must complete probe in all 24 case.

The market regulator on August 25, had submitted a crucial status report on its investigations into the allegations of stock price manipulation by the Adani Group to the Supreme Court. The report said that SEBI has completed its investigation in 22 out of the 24 cases.

Here's who said what at the SC on Friday:

Supreme Court Bench

SEBI must complete the probe in all 24 cases.

We don't have to treat the Hindenburg report as being a statement of truth. There is no means of testing the varacity of the Hindenburg report and hence asked SEBI to probe.

There has to be some responsibility in making allegations. This was in regards to petitioners telling the court that Somsekhar Sundaresan, recently elevated as additional judge of the Bombay High Court, was counsel for the Adani Group. The court further said that by this logic, no lawyer can become a judge

We didn't appoint judges but industry veterans to bring expertise in addressing the issue.

Can SEBI be asked to disclose findings even before it can initiate proceedings under the law? How can we pre-judge SEBI findings?

Can't ask SEBI to take a story in the newspaper, even if in Financial Times, as the gospel truth.

Petitioners To The Supreme Court

How is it that journalists can get these documents on controlling interest of Vinod Adani, but SEBI with all its powers cannot get access for years?

Supreme Court should consider appointing SIT

Reports published by Financial Times, Guardian show that certain funds were run by Vinod Adani.

SEBI said we have completed investigation reports but has not disclosed.

Two of the members of expert committee are in conflict, committee should be reconstituted.

OP Bhatt is a chairman of a company GreenCo Energy, as recentlt as Mar 2022, GreenCo was partnering with Adani.

Somsekhar Sundaresham has been the counsel for Adani Group.

In 2014, Directorate General for Revenue Intelligence (DRI) estimated over invoicing of equipment to the tune of 6,700 crore

DRI conveyed that parts of siphoned money was routed through Dubai, Mauritius back to Adani group cos.

SEBI claims ignorance of this DRI letter to SEBI Chairman.

Solicitor General To Supreme Court

SEBI was informed in 2013, who followed up with DRI, DRI concluded proceedings in 2017, CESTAT had also set aside the proceedings.

We reached out to the OCCRP, they responded, refused to share documents with us, they said we can get documents from Prashant Bhushan

Prashant Bhushan is getting a report made, and then pitching it before SC, this is a case of conflict.

The Adani Group stocks have been at the radar of investors ever since the release of Hindenburg Research's explosive report in January 2023. The US-based short seller Hindenburg accused the Adani Group of manipulating and malpractices in its dampening report.

The Adani Group, however, has firmly denied these allegations.

Hindenburg's report wiped out billions of dollars from the conglomerate's market value at one point.

With inputs from Ashmit Kumar

First Published:Nov 28, 2023 10:21 AM IST