Adani Group firms under SEBI lens

Non-compliance of SEBI norms

Adani Group firms under SEBI lens

Photo for representational purpose only. File photo

Chennai, July 19

Securities regulator and customs authorities are investigating some Adani Group companies for non-compliance of rules, Minister of State for Finance Pankaj Chaudhary told Parliament on Monday. He did not name which companies were involved.

“SEBI is investigating some Adani Group companies with regard to compliance with SEBI Regulations. Further, the Directorate of Revenue Intelligence (DRI) is investigating certain entities belonging to the Adani Group," Chaudhary said.

Shares close down up to 4.8%

  • It was not immediately clear when the markets regulator SEBI or the Directorate of Revenue Intelligence launched the investigation
  • Shares of Adani Group companies, which operate airports and ports, power generation and transmission, coal and gas trading, closed between 1.1% and 4.8% lower on Monday

Stocks of companies controlled by Gautam Adani last month recorded their biggest-ever declines in the week ending June 18 after a newspaper report that the accounts of three Mauritius-based foreign investors in Adani companies had been frozen.

Shares in the six Adani companies have fallen between 12.9% and 44.9% in the five weeks after that news report. The stocks have cumulatively lost over $37.6 billion in just over a month after that news report, even after Adani rejected the article as "blatantly erroneous."

A spokesman for the Adani Group did not immediately respond to an email seeking comment. — Reuters

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