Most Adani Group stocks are locked in an upper circuit of 5 percent after the Supreme Court directed markets regulator Securities and Exchange Board of India (SEBI) to submit a report on the allegations made against the group in the Hindenburg research report within a period of two months.

Share Market Live

NSE

Shares of the flagship company Adani Enterprises though have been volatile through the session. The stock opened at a 10 percent lower circuit, recovered to gain as much as five percent and is currently trading 2 percent higher.

Adani Ports shares have also fluctuated between gains and losses, and are currently trading with gains of close to a percent.

Stocks of Adani Power, Adani Transmission, Adani Green Energy and Adani Wilmar remain locked in an upper circuit of 5 percent.

Adani Total Gas shares were trading up 2.5 percent, ACC rose 0.3 percent, Ambuja Cements jumped 2.7 percent and New Delhi Television Ltd (NDTV) gained 3.9 percent as of 11:30 AM.

Four Adani Group stocks (Adani Enterprises, Adani Ports, Adani Transmission & Adani Green) had seen a change of hands for 3.1 percent, 4.1 percent, 2.5 percent & 3.5 percent equity respectively in the pre-opening session today.

The total value of these block deals comes up to around Rs 15,000 crore.

The Supreme Court bench led by Chief Justice of India DY Chandrachud also constituted an expert committee to review the existing regulatory framework in the light of the Adani-Hindenburg issue.

The expert committee would be headed by Justice Sapre, a retired judge of the Supreme Court. The other members of the committee would include OP Bhatt, KV Kamath, Nandan Nilekani and Somsekhar Sundaresan and retired Justice JP Devdhar.

The committee has been ordered to submit its report in a sealed cover before the Supreme Court within 2 months.

The Adani Group companies have been on a downward spiral after a report from short-seller Hindenburg Research on January 24 published a report, accusing the conglomerate of fraud.

The US short-seller said that the group has engaged in a “brazen stock manipulation and accounting fraud scheme over the course of decades”.

In response to the Supreme Court judgment, group chairman Gautam Adani tweeted saying "the truth will prevail."

"The Adani Group welcomes order of the Honourable Supreme Court. It will bring finality in a time-bound manner. Truth will prevail," the tweet said.

Also Read: Adani vs Hindenburg Live: Supreme Court constitutes expert panel, directs SEBI for probe

(Edited by : Rukmani Krishna)