In recent developments, the panel elected by the Supreme Court (SC) to investigate Gautam Adani’s Conglomerate and Hindenburg Research case has released its reports.

According to a court document, an expert committee assembled by India’s Supreme Court to look into the Adani Group stated that it was impossible to determine whether there had been a regulatory failure over price manipulations.

The court committee stated in the report that the investigation into the ownership of the group’s businesses by India’s market regulator had come up empty.

A US-based short seller named Hindenburg Group published a report in January of this year stating certain difficulties against certain Adani’s promoted firms, one of ATGL’s promoters, which Adani Group has duly disputed. The astounding US short seller report had alleged stock manipulation and other forms of fraud against Gautam Adani’s port-to-energy business.

According to a court document, an expert committee assembled by India’s Supreme Court to look into the Adani Group stated that it was impossible to determine whether there had been a regulatory failure over price manipulations.

The court committee stated in the report that the investigation into the ownership of the group’s businesses by India’s market regulator had come up empty.

Furthermore, the audit noted that the ownership chain of about 13 foreign businesses in the Adani-Hindenburg issue is unclear. Additionally, the ultimate owner of economic interest in an FPI could not be ascertained. Because of this, Sebi’s suspicions cannot be dispelled in the absence of FPI ownership information.

A few hours after the report went public, all of the Adani Group shares closed at highs as investors took a sigh of relief.

Among the individual stocks, shares of Adani Total Gas were locked in the 5% lower circuit for the fifth straight day but closed 4.87% higher on the NSE after the news broke out, quoting at Rs 699.10. Adani Transmission and Adani Power both locked in a 5% upper circuit during closing hours at Rs 789.15 and Rs 236.30 respectively.

After this news broke out, Adani Enterprises’ stock price traded at Rs 1,955 per share up by 3.44%. Similarly, Adani Ports and Special Economic Zone (SEZ) jumped by 3.92% to Rs 691 per share.

Adani Wilmar and Adani Green Energy are trading in the green, bouncing back from their respective intra-day low. Adani Green Energy was up by 5% to Rs 905.55 per share while FMCG player Adani Wilmar soared by 6.87% to Rs 403.95 per share.