Adani Group shares plunge up to 20% following Gautam Adani’s bribery indictment in US
The US Attorney's Office for the Eastern District of New York unsealed a five-count criminal indictment against Gautam Adani, Sagar R Adani, and Vneet S. Jaain.
Billionaire Gautam Adani welcomed on Wednesday the Supreme Court’s verdict into the Hindenburg case, saying “the truth has prevailed”.
“The Hon’ble Supreme Court’s judgement shows that: Truth has prevailed. Satyameva Jayate. I am grateful to those who stood by us. Our humble contribution to India’s growth story will continue. Jai Hind,” Adani wrote on ‘X’.
His reaction came shortly after the Supreme Court refused to form a special investigation team (SIT) to investigate allegations of accounting fraud and stock manipulation against the Adani Group of companies raised in a report by US-based short seller Hindenburg.
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In its verdict, the top court said that its has “limited” powers to enter the regulatory domains of the Securities and Exchange Board of India (SEBI) and that there is no ground to prove that the market regulator’s probe was lackadaisical.
The court said that “SEBI must carry out the investigation to its logical end” as “not ground was made out for transfer of probe”.
Pronouncing the verdict, a bench headed by Chief Justice DY Chandrachud and also comprising Justice JB Pardiwala and Justice Manoj Misra said that SEBI must complete the probe into remaining two cases within three months.
The SEBI has investigated 22 out of the 24 cases linked to the US-based short seller Hindenburg Research’s allegations.
At least four petitions were filed by lawyers Vishal Tiwari, ML Sharma and Congress leaders Jaya Thakur and Anamika Jaiswal seeking to transfer the SEBI probe to an SIT.
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