Billionaire Gautam Adani expressed his relief and gratitude on X following the Supreme Court’s judgement on allegations previously made against the Adani Group.

What Happened: The Supreme Court dismissed key petitions related to allegations made by US-based firm Hindenburg Research against Adani Group, causing shares to surge nearly 10% on Wednesday.

A year ago, Hindenburg Research had accused Adani Group of violating stock market regulations and engaging in accounting fraud, leading to a significant reduction in market value. However, the apex court stated that it cannot intrude into the regulatory framework and that such reports do not serve as grounds for initiating a distinct investigation.

See Also: Top 10 Richest People In India Right Now

Why It Matters: The allegations made by Hindenburg Research had a severe impact on Adani Group’s market value. The US short-seller accused Adani Group of corporate fraud, which led to a nearly $100 billion reduction in its market value.

These allegations were thoroughly investigated by the International Development Finance Corp. (DFC) during their due diligence investigation before approving a hefty loan for a Sri Lankan container terminal project and were dismissed. The recent Supreme Court judgement reaffirms this standpoint, proving a significant victory for the Adani Group.

Read Next: Tata Stock Slumps 2.5% As Analyst Downgrades Rating To ‘Reduce’