Just after Supreme Court's verdict, Adani group stocks in heavy demand

On the onset of the Supreme Court ruling that there was no ground to order an investigation by a SIT or other probe agency into allegations against the group, shares of Adani group of companies jumped in morning trade on Wednesday. The Supreme Court on Wednesday said capital market regulator SEBI must conclude its probe within three months.

Adani Energy Solutions zoomed 17.83 per cent, Adani Total Gas climbed 9.99 per cent, Adani Green Energy soared 9.13 per cent and Adani Enterprises surged 9.11 per cent on the BSE. Shares of Adani Wilmar went up by 8.52 per cent, Adani Ports climbed 6 per cent, Adani Power (4.99 per cent), Ambuja Cements (3.46 per cent) and ACC 2.96 per cent.

Two of the group firms — Adani Ports and Ambuja Cements — also hit their 52 week high levels during the morning trade. In the equity market, the 30 share BSE Sensex traded 319.47 points lower at 71,544.60, and the Nifty quoted 104.30 points down at 21,561.50. The Supreme Court on Wednesday directed Sebi to complete its probe into two pending cases relating to allegations against the Adani group within three months.

Holding that it cannot regulate Sebi's power of investigation, a bench headed by Chief Justice D Y Chandrachud noted that Sebi has completed its probe in 22 out of 24 cases relating to allegations against the Adani group..