New Delhi. Shares of seven out of 10 companies of Adani Group closed with a slight decline on Tuesday. Three companies… Adani Total Gas, Adani Green and Adani Energy… were in the lead. At the end of trading, Adani Wilmar’s share was down by 2.37 percent. At the same time, Adani Enterprises fell by 1.92 percent, Ambuja Cements by 1.86 percent, Adani Ports by 1.24 percent. ACC (0.54 percent), Adani Power (0.20 percent) and NDTV (0.20 percent) also remained in loss.
However, Adani Total Gas shares strengthened by 1.94 percent. Apart from this, Adani Green Energy rose by 1.38 percent and Adani Energy Solutions by 0.70 percent. During trading, Adani Energy Solutions shares rose by 6.28 percent. Adani Total Gas rose by four percent while NDTV strengthened by 2.56 percent. Adani Green Energy rose by 2.55 percent.
During trading, Adani Wilmar’s stock rose 2.15 percent, ACC 1.93 percent, Adani Power 1.74 percent, Adani Ports 1 percent, Ambuja Cements 0.43 percent. The 30-share BSE Sensex closed at 78,956.03 points, down 692.89 points or 0.87 percent. The NSE Nifty closed at 24,139 points, down 208 points or 0.85 percent.
Petition filed to direct completion of investigation of two pending cases of Adani Group
The Supreme Court has been requested to direct market regulator SEBI to complete its investigation soon in two pending cases related to allegations against the Adani Group of stock price manipulation. This new petition has been filed in the Supreme Court by Vishal Tiwari. He had also demanded an investigation into the allegations against the Adani Group after the Hindenburg report came in the year 2023. The petitioner has said that the allegations made in the new report of Hindenburg Research against Securities and Exchange Board of India (SEBI) Chairperson Madhabi Puri Buch have created an atmosphere of doubt in the minds of the general public and investors.
US investment and research firm Hindenburg said in its new report released on Saturday that the SEBI chief and her husband Dhawal Buch also had a stake in the obscure foreign funds allegedly used to raise the share prices of the Adani Group.
Earlier in January 2023, Hindenburg had also accused the Adani Group of irregularities in financial transactions and manipulation of share prices. After that, several petitioners including Tiwari had filed a petition in the Supreme Court and appealed for an investigation. Later, SEBI told the apex court that out of the 24 allegations against the Adani Group, investigation of 22 has been completed while two cases are still pending.
In January, the Supreme Court had directed SEBI to complete the two pending investigations expeditiously, preferably within three months. Tiwari said in the application, “This court has clearly set a deadline of three months for SEBI to complete its investigation. When three months are mentioned in the order, it is prudent to understand that a certain time period has been fixed to complete the pending investigation.” On January 3, 2024, the Supreme Court bench refused to hand over the case to the Special Investigation Team (SIT) or the Central Bureau of Investigation (CBI). It had said that SEBI is conducting a comprehensive investigation into the matter.
However, after the allegations against the SEBI chief in the new Hindenburg report, the petitioner Tiwari has filed a new application. Tiwari said, “The SEBI chief has termed these allegations as baseless and this court has also accepted that the third party report cannot be considered. But this matter has created an atmosphere of doubt in the minds of the public and investors. In such a situation, it becomes mandatory for SEBI to complete the pending investigation and announce the result of the investigation.” The Adani Group had denied the allegations against it and said that it complies with all regulatory provisions. Meanwhile, there was a big decline in the market valuation of its companies in February-March, 2023.