The Supreme Court bench, comprising Chief Justice DY Chandrachud, Justices JB Pardiwala, and Manoj Misra, heard the matter last week on Friday for nearly two hours regarding allegations that Adani had inflated its share prices. After the allegations were made by short-seller Hindenberg Research in late January, it led to a sharp fall in the share value of various Adani companies, reportedly to the tune of $100 billion.

The Adani group faced various law suits and PLI's; the case was postponed many times for future dates, but on November 24, 2023, the Supreme Court reserved its judgment on a batch of pleas demanding a court-monitored probe into the allegations made by US-based short-seller Hindenburg Research against the Adani group. A bench said that the apex court cannot doubt market regulator Sebi's probe into the case by just relying on media reports. Chief Justice of India DY Chandrachud also expressed his dissatisfaction at the allegations made against the Securities and Exchange Board of India (Sebi) over its Adani-Hindenburg probe. "Sebi is a statutory body exclusively entrusted with investigating stock market manipulation. Is it proper for a court without any proper material to say that we don't trust Sebi and we will form our own SIT? This has to be done with much calibration," said the CJI.

The allegations made against the investigation of the Securities and Exchange Board of India (SEBI) also did not seem to impress the CJI. The bench also responded to advocate Bhushan's allegation that the market regulator did not conduct a proper investigation and said, "Mr. Bhushan, I don't think you can take something written in a newspaper, whether the Guardian or Financial Times, to be gospel truth."

Adani group stocks saw some action on Friday following the Supreme Court's observation that it had no reason to "discredit" the Securities and Exchange Board of India's (Sebi) probe against the group. Following the long weekend, all Adani Group stocks made a gap-up opening and traded higher, some of them giving 15% intraday gains to traders.

The court asked what SEBI is doing with respect to the tightening of regulations and what it plans to do to protect investors. The SEBI was not objecting to the suggestions given by the Court-constituted Expert Committee on improving the regulatory framework.

Also, the court has refused to investigate Congress leader Jaya Thakur's petition seeking an inquiry against the State Bank of India and the Life Insurance Corporation for investments in the Adani group. The court has expressed disapproval of the petition, questioning whether the court has taken any responsibility for the allegations.