Adani – Hindenburg case : Supreme Court adjourns; Adani shares in losses

Adani – Hindenburg case : The Supreme Court was scheduled to hear Sebi’s probe report in the Adani – Hindenburg case, in which a US vendor had accused the  Gautam Adani-led conglomerate of financial misrepresentations and manipulation. 

•The Adani-Hindenburg case was adjourned in the Supreme Court. 

•Adani Shares Hemorrhage on Friday; fell  to 3 percent. 

•The next hearing is likely to be on Friday, October 20; confirmation was awaited. 

Shares of Adani Group edged lower in early trade on Friday after the Supreme Court adjourned the Adani – Hindenburg case for a week. The Supreme Court will now hear the matter on Friday, October 20, 2023,  but previously it was due to hear it today. The Supreme Court was scheduled to hear Sebi’s probe report in the Adani-Hindenburg case, in which a US vendor had accused the  Gautam Adani-led conglomerate of financial misrepresentations and manipulation. But on Friday, the then announced hearing date, the matter was removed from the list. Amid the turmoil, Adani Group’s shares continued to be depressed. Adani Group  Adani Enterprises fell over 3 percent to Rs 2,422.95 with a  market capitalization of a little over Rs 2.75 lakh crore. During the previous trade, the value was Rs.2605.30. 

Adani Enterprises has raised funds of Rs 700 crore  through convertible debentures (NCDs). On Thursday, an entity controlled by Gautam Adani issued 70,000 guaranteed, unrated, unlisted, redeemable NCDs with a face value of Rs 1,00,000. Adani’s other group, Adani Ports and SEZ, fell 2 percent to Rs 806.90 and its total equity fell below the Rs 1.75 lakh  mark. On Thursday, Adani Ports said it had received offers to buy back dollar bonds totaling $213 million, but would only accept the previously announced $195 million. Adani Power also fell 2 percent to Rs 341.50 during the session, while Adani Total Gas, Adani Energy Solutions, Adani Wilmar and Adani Green Energy were down 1 percent on the day. Acquired units such as Ambuja Cement, ACC and New Delhi Television (NDTV) were also  in the red for the day. The Supreme Court was  to hear the Adani-Hindenburg case. It is likely to adopt the recent status report submitted by market regulator Sebi. In August, Sebi  told the court that it had closed its probe into all but two allegations against the Adani group and was awaiting information from five tax havens about the beneficial owners of foreign companies. Last month, a PIL was filed in connection with the Adani-Hindenburg row, alleging that Sebi concealed important facts from the Supreme Court and withheld a letter from the Internal Revenue Service (DRI)  on alleged share manipulation of Adani companies. .