Following the Supreme Court’s decision to refrain from intervening in the market regulator’s investigation into alleged stock price manipulation by the Adani Group, a significant surge in the conglomerate’s stocks has propelled Gautam Adani’s family to become India’s richest, surpassing Mukesh Ambani of Reliance Industries.
The Supreme Court’s Wednesday ruling, favoring the ongoing investigation conducted by the market regulator SEBI, sparked a remarkable upswing in Adani Group’s shares. This surge contributed to an extraordinary market capitalization gain of over ₹15 lakh crore, heralding the Adani family’s return to the pinnacle of India’s wealth hierarchy, as per reports from Business Standard.
Gautam Adani’s family wealth surged to ₹9.37 lakh crore, witnessing a substantial rise from ₹8.98 lakh crore a day earlier. Meanwhile, Mukesh Ambani’s family wealth saw a marginal dip to ₹9.28 lakh crore from ₹9.38 lakh crore during this period.
The Supreme Court’s judgment, declining the transfer of the investigation into stock price manipulation allegations to a special investigation team or the CBI, reinforced SEBI’s ongoing inquiry. Emphasizing SEBI’s comprehensive investigation, the court underscored its confidence in the regulator’s conduct, restricting the court’s intervention in SEBI’s regulatory domain.
The bench, led by Chief Justice D Y Chandrachud, directed SEBI to expeditiously conclude the two pending investigations, preferably within three months, acknowledging the regulator’s completion of 22 out of 24 investigations into allegations against the Adani Group.
In response to the verdict, Gautam Adani expressed satisfaction, stating, “The Hon’ble Supreme Court’s judgment shows that truth has prevailed. Satyameva Jayate.”
However, Congress General Secretary Jairam Ramesh voiced criticism in a statement, accusing Adani of manipulating the system and questioning the credibility of those invoking the phrase “Satyameva Jayate.”
The apex court’s decision and the subsequent market rally not only reflect the resurgence of the Adani Group but also underscore the regulatory confidence in SEBI’s investigation, reshaping India’s billionaire landscape.
Sources By Agencies
