Adani-Hindenburg saga: After submitting the report of the six-member expert panel on the Hindenburg Research report raising concerns over the debt position of Adani group companies, the Supreme Court is going to take up the matter here today. The six-member panel constituted by the Supreme Court submitted its report on 8 May 2023 and the matter was listed for hearing on 12 May 2023 before Chief Justice of India DY Chandrachud. However, ahead of the Supreme Court hearing, Adani shares are trading sluggish as investors await the outcome of the hearing. In fact, two stocks of the Adani group – Adani Total Gas and Adani Transmission hit the lower circuit within minutes of the stock market opening today. However, there may be a reason for lower circuit in these shares of Adani. MSCI index change Too.
morning deals, Adani Enterprises The share price opened higher today but fell below its Thursday’s closing level within minutes of market opening and hit a one-day low 1,946.55 on the NSE, losing nearly 1.90 per cent on Friday. Similarly, some other scrips of Adani group were also trading in red with minor losses. However, Adani Total Gas share and Adani Transmission share declined heavily and hit lower circuit at the opening bell. But, ACC and NDTV stocks are in the green zone.
As per the report published by Livemint, Morgan Stanley Capital International (MSCI) has removed Adani Total Gas and Adani Transmission share from India Standard Index. Since the index is followed by foreign investors who invest in index funds, it is going to affect the stock movement of the respective company. So, Adani Total Ad Adani Transmission Due to this decision of Morgan Stanley, the shares are also expected to hit the lower circuit.
In January 2023, following the Hindenburg Research Report on Adani Group companies, the Supreme Court of India constituted an expert panel to investigate allegations against the Adani Group. It is not clear whether the six-member committee set up after the US short seller’s claims reviewed all the concerns outlined by the Indian Supreme Court in March. The six-member panel was asked to assess how to better protect the interests of consumers, if regulatory loopholes exist, and the wider impact.
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