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Shares of the Adani Group's listed companies rose between 2.2% and 10% on Wednesday, ahead of a ruling by India's top court on the country's market regulator's probe into the billionaire Gautam Adani-led conglomerate.

India's market regulator, the Securities and Exchange Board of India (SEBI), is probing the group after U.S. short-seller Hindenburg, in January 2023, alleged improper use of tax havens, stock manipulation by the group.

The Adani Group has denied any wrongdoing. A Supreme Court-appointed panel had, in May, found no lapses at the Adani Group.

While the group's stocks have recovered some losses, they are still down $47 billion in market value since the report.

Shares of the group's flagship firm Adani Enterprises were up 6.4% in early trade on Wednesday.