Adani Group stocks rose for third consecutive day on Thursday after Supreme Court ordered formation of panel to probe the recent stock market rout triggered by the accusations published in the Hindenburg report.
The Apex Court ordered formation of a committee which will be led by former Supreme Court judge Justice Abhay Manohar Sapre and former ICICI Bank chairman K V Kamath, Infosys co-founder Nandan Nilekani and former State Bank of India Chairman O P Bhatt, to investigate the recent collapse of the Adani Group stocks, which happened after Hindenburg Research leveled allegations of fraud, stock price manipulation and improper use of tax havens.
The Supreme Court has ordered Securities and Exchange Board of India (SEBI) to complete the investigation of the case within couple of months. Additionally, the court has also asked the market regulator to see if the allegations of stock price manipulation were true and if there has been a violation of Section 19 of SEBI rules.