Adani Group Sink Into Red After Doubts Pop Up Over SEBI Investigation

Adani Group stocks were all languishing in the red on Tuesday after the Securities and Exchange Board of India (SEBI) was accused of a major conflict of interest during the investigation of the Gautam Adani-led group.

What Happened: SEBI has been being accused by public interest litigation petitioners of brushing off critical alerts from the Directorate of Revenue Intelligence (DRI) regarding alleged stock manipulation by the Adani Group, with the matter being brought to the Supreme Court’s attention on Monday.

Four PILs on the Adani-Hindenburg controversy have been brought to the Supreme Court of India, including those by lawyers M L Sharma and Vishal Tiwari, Congress leader Jaya Thakur and law student Anamika Jaiswal.

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Jaiswal, a law student, has alleged that SEBI ignored vital facts and overlooked DRI's alert about potential stock manipulation by the Adani firms during its investigation.

The challenge to SEBI comes as the market regulator has been investigating the conglomerate since the start of the year on allegations of financial fraud levelled by short seller Hindenburg Research.

Price Action: All Adani Group stocks were firmly in the red on Tuesday:

Adani Enterprises share price: down 1.96%

Adani Energy Solutions share price: down 2.85%

Adani Green Energy share price: down 1.44%

Adani Ports and Special Economic Zone share price: down 1.93%

Adani Power share price: down 3.19%

Adani Total Gas share price: down 1.35%

Adani Wilmar share price: down 1.83%

ACC share price: down 0.40%

New Delhi Television (NDTV) share price: down 1.98%

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Posted In: EquitiesWIIMMarketsAdani Energy Solutionsadani enterprisesadani green energyAdani GroupAdani PortsAdani PowerAdani Total GasGautam Adani