Nuvama Wealth shares touched Rs 1,870 on Thursday after the Supreme Court set aside an order worth over Rs 900 crore against its subsidiary.

The case centres on Nuvama Clearing Services, the company’s wholly owned arm that once ran a professional clearing member business for domestic brokers.

When some brokers defaulted a few years back, regulators ordered Nuvama subsidiary to hand back securities that had already been sold off during the settlement process.

That order came from the Member and Core Settlement Guarantee Fund Committee of NSE Clearing, and the Securities Appellate Tribunal upheld it later.

Nuvama’s subsidiary pushed back and took the fight to the Supreme Court. On September 2, the court sided with the company, allowing appeals in what are called the Anugrah and Vrise matters.

The Anugrah case alone involved securities worth around Rs 460 crore at the time they were liquidated, a number that climbed past Rs 900 crore by the time the original order was passed.

Vrise, a related but smaller case, involved close to Rs 22 crore. With the ruling, Nuvama’s subsidiary is off the hook for reinstating any of those securities.

The market had already responded to the news a day earlier, with the stock closing 2.86% higher at Rs 1,836 on Wednesday. It’s up nearly 4% over the past month too.

At 10:20 am, Nuvama was trading at Rs 1,837.50 on the NSE, down 0.19% after slipping from its morning high. The stock is still sitting well above where it was before the court stepped in.

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