Shares of all ten listed Adani Group companies surged on Wednesday after a favourable verdict from the Supreme Court. All stocks saw volatile trading sessions, jumping to intraday highs before the hearing and saw profit booking after. 

Shares of Adani Enterprises closed 2.48% higher at Rs 3,005.00 after reaching an intraday high of Rs 3,199.00. Adani Ports and Special Economic Zone witnessed as much as an 8% rise before closing at Rs 1,095.40, up 1.58% from its previous closing price on the National Stock Exchange (NSE). 

Adani Energy Solutions’ shares saw the most gains, closing 11.44% higher. On the other hand, Ambuja Cements and ACC Ltd saw less than 1% gains. Adani Total Gas and Adani Power Shares closed at the upper circuit levels of 10% and 5%, respectively. Adani Wilmar and NDTV saw their shares close 4% higher, while Adani Green Energy shares settled 5.95% higher at Rs 1,699.00.

The Supreme Court bench, led by Chief Justice Chandrachud along with Justices JB Pardiwala and Manoj Misra, said in their judgment that there were no grounds for taking away the investigation of the Adani group of companies in the Hindenburg report from the markets regulator, Securities and Exchange Board of India (SEBI) and transferring it to another law enforcement agency or special investigation team. 

The bench gave the markets watchdog three months to complete its investigation of the two pending matters related to Hindenburg’s accusations against the Gautam Adani-led conglomerate. It also said that third-party reports cannot be treated as conclusive proof and that there is no case of conflict of interest.

The apex court also said that the Central Government and SEBI would look into whether Hindenburg Research violated any law on short-selling. If there is a violation, they may take any action in accordance with law.