Nine out of 10 of the Adani Group stocks, except Adani Enterprises Ltd, witnessed heavy buying interest on Tuesday, with Adani Total Gas Ltd ending the day with 20 per cent gains, in what was the best day for the group's stocks in the market since the Hindenburg report.
Adani Power and NDTV rallied more than 12 per cent, followed by Adani Wilmar which rose nearly 10 per cent. Adani Ports jumped 7.7 per cent, and Ambuja Cements and Adani Green Energy rose over per cent. ACC ended the day 2.7 per cent higher. However, Adani Enterprises declined nearly one per cent.
On Friday too, nine of the 10 listed group companies ended in the green, adding Rs 14,786 crore to their combined market capitalisation.
The rally comes in the wake of Supreme Court, on Friday, reserving its verdict on a batch of petitions seeking examination of allegations of fraud against the conglomerate.
The apex court said on Friday that a statutory regulator like SEBI cannot be asked to take as "gospel truth" something published in media.
An SC bench headed by Chief Justice D.Y. Chandrachud asked advocate Prashant Bhushan, who was representing one of the petitioners and was referring to the Hindenburg report as well as some reports by the media and the Organised Crime and Corruption Reporting Project (OCCRP), should the SEBI be following up journalists.
"Therefore, should SEBI be following up journalists and ask a journalist, who is not subject to their jurisdiction, to disclose the underlying material," said the bench, also comprising justices J B Pardiwala and Manoj Misra.
"I don't think you can ask a statutory regulator to take as a gospel truth something which is filed in a newspaper, whether in the Guardian or the Financial Times. We have no reason to discredit them (SEBI)," the CJI observed.
When Bhushan said several credible information were there in the Hindenburg report, the bench observed, "As a court, how do we treat it as credible? We will have to rely on our investigative agencies to investigate it".
"We can't make that assumption that it is either credible or lacking in credibility," it said.
The bench observed it has no reason to "discredit" SEBI, which probed allegations against the Adani group, as there was no material before it to doubt what the market regulator has done.
