In Wednesday’s intraday trading, shares of the Adani group companies saw a surge of up to 12% on the BSE, as the Supreme Court is anticipated to declare its decision in the Adani-Hindenburg case later today.

The US-based company Hindenburg Research has made allegations against the Adani group of companies about stock market violations. The petitions seek a court-monitored investigation into these claims, and the Supreme Court is expected to rule on them on Wednesday, according to a report in the Business Standard.

Individual stocks saw increases of 12 percent for Adani Energy Solutions and 10 percent for Adani Total Gas. Adani Green Energy was next, up 9 % at Rs 1,740, New Delhi Television was up 9 per cent at Rs 296; Adani Wilmar was up 7 per cent at Rs 391, Adani Enterprises was up 6% at Rs 3,094.85, Adani Power was up 5 % at Rs 544.65, Adani Ports and Special Economic Zone was up 4 percent at Rs 1,117.10), Ambuja Cements was up 2 percent at Rs 541.45), and ACC saw an increase of 2 percent at Rs 2,305. As an illustration, at 09:311 AM, the S&P BSE Sensex was down 0.23 % at 71,723.

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In its FY23 annual report, Adani Enterprises claimed that a US-based short seller report was a compilation of targeted false information and out-of-date, debunked claims meant to harm the company’s reputation and make money by purposefully driving down the stock prices of the group’s companies.

“Although we quickly responded with a thorough refutation, several interested parties attempted to take advantage of the short seller’s assertions. The flagship company of the Adani group said, “These entities engaged in and encouraged false narratives across various news and social media platforms.”

As a result, the Indian Supreme Court appointed an Expert Committee to investigate this issue. It was made up of people who were reputable for their honesty and independence. In May 2023, the Expert Committee’s report was released to the public. The Securities and Exchange Board of India (SEBI) had not, according to the expert committee’s report, engaged in any prima facie lapses in this regard.

The Supreme Court said it had no reason to “discredit” SEBI, which looked into allegations against the Adani group while delaying the verdict. It also stated that it did not have to accept the information presented in the Hindenburg report as the “true state of affairs” and that there was no evidence to cast doubt on the actions of the market regulator.