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Business News/ Markets / Stock Markets/  Adani-Hindenburg saga: Shares trade tepid ahead of Supreme Court hearing

Adani-Hindenburg saga: After submission of six member expert panel report on Hindenburg Research report raising concern over the debt positioning of Adani group of companies, Supreme Court is going to here the matter today. The six member panel constituted by the Supreme Court had submitted its report on 8th May 2023 and the matter got listed for hearing on 12th May 2023 before the Chief Justice of India DY Chandrachud. However, ahead of Supreme Court hearing, Adani shares are trading tepid as investors are awaiting the outcome of the hearing. In fact, two Adani group stocks — Adani Total Gas and Adani Transmission have locked-in lower circuit within few minutes of stock market's opening bell today. However, these Adani shares hitting lower circuit could be due to the MSCI index rejig as well.

In early morning deals, Adani Enterprises share price today opened higher but fell below its Thursday close within few minutes of market opening and hit intraday low of 1,946.55 apiece on NSE, losing around 1.90 per cent on Friday. Likewise, some other Adani group shares too traded red with marginal losses. However, Adani Total Gas share and Adani Transmission share tumbled heavily and hit lower circuit in the opening bell. But, ACC and NDTV shares are in green territory.

As per the report published by Livemint, Morgan Stanley Capital International (MSCI) has removed Adani Total Gas and Adani Transmission shares from India Standard Index. As the index is followed by foreign investors who invest in index funds, it is going to impact stock movement of the concerned company. So, Adani Total ad Adani Transmission shares hitting lower circuit are expected to feel the sell off heat due to this Morgan Stanley's decision as well.

After the Hindenburg Research report on Adani group of companies in January 2023, Supreme Court of India constituted an expert panel for investigating the allegations labelled against the Adani Group. It is not clear if the six-member committee, set up after claims by US short seller, reviewed all the concerns outlined by the Indian Apex court in March. The six member panel was asked to assess how to protect consumers' interest in a better way, if regulatory lapses existed, and the broader impact.

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Asit Manohar
Chief Content Producer at Live Mint Digital Team
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
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Updated: 12 May 2023, 10:58 AM IST
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