Shares of Adani Power were down by nearly 3% on reports of Adani Group selling its stake in the firm.

What Happened: The Adani Group is looking to sell a 5% stake each in Adani Power and Ambuja Cements via block deals or an offer for sale, CNBC Awaz reported on Thursday. The group is looking to reduce its debt with the potential stake sale.

At the end of the June quarter, promoters held 72.71% of Adani Power whereas promoters’ holding in Ambuja Cements stood at 70.33%.

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Most Adani stocks suffered earlier this month after the U.S. short-seller Hindenburg Research released a scathing report saying Madhabi Buch, chairperson of the Securities and Exchange Board of India (SEBI), held stakes in the offshore entities involved in the Adani money siphoning scandal.

The report implied that SEBI's alleged inaction against the Adani Group, despite evidence of fraudulent activities, might be linked to the Buchs' involvement with these funds.

Adani Power has lost nearly 3% in the past month whereas Ambuja Cements has plunged by nearly 9%. Adani Enterprises has gained 3.5% in the same period.

Price Action: Adani Power lost 2.40% to trade at ₹678.45 and Ambuja Cements inched 0.28% lower to ₹627.50 on Thursday afternoon.

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