Adani Power Ltd.'s shares increased 2.45% to Rs. 248.35 at approximately 10:05 AM (I.S.T.) on 26th June 2023. The previous session's closing price of the stock was Rs. 242.4. At roughly the same time, the equity benchmark Sensex saw a 49.21-point decline to 62930.16. The 30-share index has increased by 21.96% over the past year, whereas the scrip has decreased by 6.16%. Over the past year, the 30-share index has risen by 21.96%.

The stock's 52-week high price was Rs. 432.8, with 835,117 shares traded on the counter. Its price-to-book value was 2.47, its EPS value was 27.81, and its price-to-earnings ratio was 8.98. 29 stocks in the Nifty50 pack moved in the green, demonstrating the lack of merit to the controversies surrounding the Adani shares overleveraged.

Adani Enterprises' stock closed at Rs. 2174.3, having opened at Rs. 2180

On 28th November 2023, all ten of the Adani Group's listed companies saw a surge in value following the Supreme Court's ruling that the Hindenburg and O.C.C.R.P. reports in the Adani shares overleveraged case could not be deemed "credible." As of 9:30 am, Adani Total Gas and Adani Energy Solutions had increased by 14% and 11.9%, respectively. The Supreme Court postponed deciding the public interest litigations (PILs) surrounding the Adani Hindenburg issue until 24th November 2023.

The Supreme Court further declared that accepting the reports from the Organised Crime and Corruption Reporting Project or Hindenburg was not credible. The Securities and Exchange Board of India (S.E.B.I.) did not provide any evidence against the Group, nor did it request an extension for its investigation. The bench, which included Justices JB Pardiwala, Manoj Misra, and Chief Justice of India D Y Chandrachud, also noted that there was no method for determining the accuracy of the Hindenburg report.

The bench declared they were not required to accept the Hindenburg report as gospel.

All 10 of the Adani Group's listed businesses performed well

On 28th November 2023, all 10 Adani Group's listed companies celebrated the Supreme Court's ruling that the Hindenburg and OCCRP reports were not "credible." Furthermore, the Securities and Exchange Board of India (S.E.B.I.) did not charge the Adani Group. As of 9:30 am, Adani Total Gas and Adani Energy Solutions had increased by 14% and 11.9%, respectively. This has occurred following the Supreme Court's reserved ruling on the public interest litigations (PILs) about the Adani shares overleveraged controversy.

The Supreme Court further declared that accepting the reports from the Organised Crime and Corruption Reporting Project or Hindenburg was not credible. The S.E.B.I. likewise did not provide any evidence against the Group or request an extension for its investigation. The bench, which also included Justices JB Pardiwala and Manoj Misra, Chief Justice of India D Y Chandrachud, noted that there was no way to verify the accuracy of the Hindenburg report.

The bench declared they were not required to accept the Hindenburg report as gospel. The US-based research firm Hindenburg released a report on the Gautam Adani-owned companies in late January 2023, which made several allegations, including stock manipulation. Additionally, it disclosed that it had taken short positions in several Group stocks.

A six-member expert committee was established to look into the matter

The court also appointed a six-person expert committee to look into the Adani shares overleveraged controversy. Proof that the Adani Group is breaking current market laws has not been discovered. In response to the steep decline in the value of listed Adani Group companies' shares following the report published on 24th January 2023 by U.S. short-seller Hindenburg Research, the Supreme Court has established an expert committee to examine the current framework of the stock market's regulatory mechanism.

As part of the expert committee, the bench of the Supreme Court, presided over by Chief Justice of India DY Chandrachud, has named six members. It will be led by Justice AM Sapre, a former Supreme Court judge, and comprise OP Bhatt, Justice JP Devadhar, KV Kamath, Nandan Nilekani, and Somasekhar Sundaresan. The committee, which consists of judges, bankers, solicitors, and a prominent figure in technology, is expected to examine various facets of the Adani Hindenburg issue.

Nandan Nilekani, a well-known tech entrepreneur, has been added to the expert committee. Since August 2017, Nilekani has been the non-executive chairman of Infosys, a tech giant he co-founded. He has been instrumental in elevating Infosys to a significant player in the global technology sector. From July 2009 to March 2014, Nilekani was chairman of the Unique Identification Authority of India (U.I.D.A.I.).