New Delhi: Shares of Adani Group firms Tuesday tumbled up to five per cent. This happened after the government told Lok Sabha that markets regulator Sebi and the Directorate of Revenue Intelligence (DRI) are probing some of the Adani Group companies for alleged non-compliance with rules. This announcement was made Monday.
Shares of Adani Transmission dipped five per cent, Adani Total Gas went lower by five per cent, Adani Power dived 4.99%, Adani Green Energy by 3.90 per cent, Adani Enterprises by 1.05 per cent and Adani Ports and Special Economic Zone 0.16 per cent on the BSE. During the day, Adani Transmission, Adani Total Gas, Adani Power and Adani Green Energy touched their respective lower circuit limits.
Minister of State for Finance Pankaj Chaudhary made the comments in the Lok Sabha. “Sebi is investigating some Adani Group companies with regard to compliance with Sebi regulations,” Chaudhary said without giving details. Also, DRI ‘is investigating certain entities belonging to the Adani Group of Companies under laws administered by it’, he added.
Also read: Sebi, DRI probing Adani Group companies for non-compliance: Minister
Shares of port-to-energy group nosedived last month after reports that accounts of three of the six Mauritius-based funds that have invested most of their money in Adani Group firms had been frozen by the national share depository. The three funds owned about USD 6 billion of shares across the conglomerate.
The Adani Group denied June 14 the report of the freeze and called it ‘blatantly erroneou’. However, a day later it clarified that three Demat accounts of Cresta Fund Ltd, Albula Investment Fund Ltd, and APMS Investment Fund were ‘suspended for debit’.