Shares of Adani Enterprises were slipping on Monday after the company said that the books of two of its airports were under scrutiny.

What Happened: Adani Enterprises said after trading hours on Friday the Ministry of Corporate Affairs was investigating the financial records of two airports – Mumbai International Airport Ltd (MIAL) and Navi Mumbai International Airport Ltd (NMIAL) – from 2017-18 to 2021-22.

The inquiry was initiated by the Office of the Regional Director in Hyderabad, and the company revealed this in an exchange filing.

Adani Enterprises said the investigation was being conducted under the Companies Act, 2013, and that both MIAL and NMIAL have been informed of this investigation.

Why It Matters: The Adani Group, which operates multiple airports in India, secured bids for six Airports Authority of India airports in 2019. These airports include Lucknow, Mangaluru, Ahmedabad, Jaipur, Guwahati and Thiruvananthapuram. With over 50 years of experience in airport management, the Adani Group is a major player in the industry.

In 2021, Adani Group acquired a 74% stake in Mumbai’s international airport, along with the rights to construct and manage the Navi Mumbai airport.

However, this investigation by the Ministry of Corporate Affairs is the latest challenge for the Adani Group, following accusations of offshore tax havens and stock manipulation by US-based short-seller Hindenburg Research.

Adani Enterprises said its subsidiary units will cooperate with the Ministry of Corporate Affairs in compliance with the law.

Price Action: Adani Enterprises’ share price was down 0.25% at ₹2,448.50 in early trade on Monday.