SC refuses SIT probe against Adani group

The Adani Group has received a reprieve as the Supreme Court declined to shift the investigation into alleged stock price manipulation by the Indian conglomerate to a special investigation team on Wednesday. Instead, the market regulator Securities and Exchange Board of India (SEBI) has been instructed to conclude its probe into the remaining two out of 24 cases within three months. A bench headed by the Chief Justice rejected the idea of the court imposing its own judgement over SEBI's regulatory plans, claiming that the facts did not necessitate a transfer of the investigation from SEBI.

The bench, also including Justices J B Pardiwala and Manoj Misra, noted that SEBI had concluded 22 of the 24 investigations against the Adani Group. They pointed out that a report by an external organization - the Organised Crime and Corruption Reporting Project (OCCRP) - could not be considered definitive proof of SEBI's laxity in conducting the inquiry, without thorough authentication of its allegations.

Adani Group shares saw a surge in demand on Wednesday, despite a weaker trend in the wider equity market, following the Supreme Court's ruling. Adani Energy Solutions, Adani Total Gas, Adani Green Energy, and Adani Enterprises experienced considerable growth. Adani Wilmar, Adani Ports, Adani Power, Ambuja Cements, and ACC also saw their stocks rise. This rally in stocks came as a result of the Supreme Court decision which mandated SEBI to finish its probe into the allegations within the next three months.