The Supreme Court on Thursday formed a six-member committee to investigate the allegations made by U.S.-based short-seller Hindenburg Research against the Adani Group.
What Happened: The Apex court gave its orders on a batch of four petitions that sought an investigation into the matter. A bench headed by Chief Justice of India DY Chandrachud and justices PS Narasimha and JB Pardiwala ordered the formation of the committee headed by retired judge Abhay Manohar Sapre.
Other committee members include veteran bankers KV Kamath and OP Bhat, Infosys co-founder Nandan Nilekani, Advocate Somasekharan Sundaran, and retired Justice JP Devdhar.
Adani Group chairman Gautam Adani was quick to respond to the order as the billionaire took to Twitter to say that the group welcomes the order. “Truth will prevail,” Adani added in his tweet.
The embattled group’s stocks seem to be reacting well to the news as all of the 10 listed stocks of the conglomerate were in the green in the mid-market hours on Thursday.
Get Ring The Bell, Benzinga India’s weekly briefing. Designed specifically for investors like you.
Price Action: This is how the Adani Group shares traded on Thursday afternoon.
Adani Enterprises shares traded 2.40% higher at ₹1,602.05.
Adani Green Energy was up 5% to trade at ₹535.20.
Adani Ports & SEZ was up 1.04% to trade at ₹608.45.
Adani Power shares traded 5% higher at ₹161.40.
Adani Total Gas shares traded 2.31% higher at ₹731.50.
Adani Wilmar was up 5% to trade at ₹398.50.
Adani Transmission shot up 5% to hit upper circuit at ₹708.35.
Ambuja Cement shares traded 3.64% higher at ₹366.30. ACC shares traded 0.59% higher at ₹1,779.90.
NDTV was up 4.73% to trade at ₹209.20.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.