Adani-Hindenburg Case: Supreme Court defers hearing till October 20; stocks trade lower

Adani-Hindenburg Case: The Supreme Court of India on Friday deferred hearing in the Adani-Hindenburg case.

The apex court will now hear the case on October 20, as per CNBC-TV18.

Meanwhile, Adani Group stocks, including Adani Enterprises, Adani Ports & SEZ, Adani Power, among others, continue to trad lower amid the Adani-Hindenburg case hearing in the Supreme Court today.

Adani Enterprises shares fell over 3%, followed by Adani Power, Adani Total Gas and Adani Wilmar that declined over 1%, while Adani Ports & SEZ, Adani Energy Solutions and Adani Green Energy fell in the range of 0.7%-1%.

The apex court heard the Adani-Hindenburg case today wherein it was to take up the fresh status report filed by market regulator Securities & Exchange Board of India (SEBI).

Last month, a PIL in the Adani-Hindenburg row had accused SEBI of suppressing important facts from the Supreme Court and hiding the Directorate of Revenue Intelligence's (DRI) letter on alleged stock manipulation by the Adani firms.

In August, Sebi had informed the Supreme Court that it had completed the probe in all but two allegations against the Adani Group, and is still awaiting information from five tax havens on the actual owners behind the foreign entities that have invested in the conglomerate.

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Meanwhile, last month, the Supreme Court of India received a fresh plea questioning the integrity of the existing expert committee looking into the Hindenburg report on Adani Group accusing it of stock manipulation. 

The plea sought that the apex court formulate a new panel comprising individuals with unblemished integrity and no conflicts of interest in the matter related to the Hindenburg report.

Read here: Adani-Hindenburg row: Fresh plea in Supreme Court seeks new panel with ‘no conflicts of interest’

This year in January, US-based short seller Hindenburg Research alleged that Adani Group is involved in accounting fraud, stock price manipulation, and improper use of tax havens. The report triggered a stock market rout of the Adani group shares that erased close to $150 billion in market value at its lowest point.

Following this, the Supreme Court asked SEBI to look into the allegations and submit its findings. In March, a separate six-member expert panel was formed which included a retired judge and veteran bankers, to go into regulatory aspects of the allegations.

That panel said in May the SEBI has so far drawn a blank in its investigations and its ongoing pursuit of the case is a "journey without a destination".

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