SEBI to present Adani probe report in Supreme Court today, hearing Adani stocks fall

SEBI Report on Adani Group: India’s stock market regulator Securities and Exchange Board of India- SEBI (SEBI) may submit its investigation report on the Adani Group in the Supreme Court today. US short-seller Hindenburg Research had leveled allegations against the Adani Group following several developments and the Supreme Court had directed SEBI to submit an investigation report into the matter.

The Supreme Court had fixed August 14 as the hearing date.

The hearing of the Adani-Hindenburg case in the Supreme Court was adjourned for the month of August, after which the hearing of the case was fixed on August 14. During the hearing of the case on July 11, Chief Justice DY Chandrachud asked about the status of SEBI’s probe, to which Solicitor General Tushar Mehta replied that SEBI has until August to complete the probe.

SEBI may give final report.

Sources with knowledge of the Securities and Exchange Board of India probe said that this would be the final report by SEBI on the Hindenburg case on the Adani Group and that the regulatory probe would be completed after that. SEBI had enough time to submit this investigation report and for this the Supreme Court had given time and said that this investigation report should be final.

The Hindenburg Group issued a report against Adani on 24 January 2023.

In the fourth week of January, on January 24, 2023, the Hindenburg Research Report released a report accusing the Adani Group of fraudulently stealing shares of companies. Adani Group’s stock saw a steep fall after that and in the next one month Adani Group’s stock fell by 85%. Not only that, the Adani Group had to pull back after launching the Rs 20,000-crore mega FPO of Adani Enterprises.

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