Adani Shares Rally as India Supreme Court Concludes Hearings

By Ben Otto

Shares of Adani Group companies rallied as investors welcomed reports that India's top court has wrapped up hearings related to a short-seller's criticisms of the conglomerate and that a regulator has finished its inquiry into the matter.

Shares of Adani Enterprises, the flagship company of Indian billionaire Gautam Adani, were 9.6% higher in afternoon trading, while Adani Ports & Special Economic Zone rose 5.5%, and Adani Power and Adani Green Energy each gained 13%.

Adani Total Gas, Adani Energy Solutions and Adani Wilmar rose 20%, 17% and 9.6%, respectively.

The Supreme Court of India earlier this year formed a panel to investigate the cause of market turmoil that engulfed Adani's namesake conglomerate following the release of a critical report by U.S. short-seller Hindenburg Research.

The Adani Group of companies shed tens of billions of dollars in market capitalization in the wake of the report, which alleged the conglomerate had engaged in stock-price manipulation and practiced accounting fraud, among others. The Adani Group denied any wrongdoing.

On Friday, the Supreme Court panel reserved judgement in the matter, while the Securities and Exchange Board of India said it required no further time to complete its inquiry, local media reported. Indian markets were closed Monday.

Write to Ben Otto at ben.otto@wsj.com

(END) Dow Jones Newswires

November 28, 2023 06:01 ET (11:01 GMT)

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