Shares in Adani Group companies crashed after Minister of State for Finance Pankaj Chaudhary told parliament that Sebi and DRI had launched an investigation into the conglomerate for regulatory compliance.
The shares of six listed companies in the Adani Group have fallen, according to the minister. (Photo: Reuters)
The Directorate of Revenue Intelligence (DRI) and the Securities and Exchange Board of India (Sebi) are investigating some Adani Group companies for regulatory compliance issues.
The development was confirmed by the Minister of State for Finance Pankaj Chaudhary. He also alleged that the Enforcement Directorate is not investigating companies that hold FPIs based on daily stock trading.
According to the minister’s declaration in parliament, shares in companies in the Adani group have collapsed.
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Adani Enterprises, the listed flagship of billionaire Gautam Adani’s empire, fell over 2.40 percent.
All other listed companies – Adani Power, Adani Green Energy, Adani Gas, Adani Transmission and Adani Ports and Special Economic Zone – fell after the development on the stock exchanges.
Adani Group companies came under extreme pressure last month after a report suggested three FPI accounts had significant investments in a few listed companies in the conglomerate frozen by the National Securities Depository Limited (NSDL).
Shortly after the June 14 report, all six listed companies in the Adani Group gave way and hit deeper circles. Adani company declined the report in a statement issued on the same day and NSDL later clarified that no new action would be taken against the three FPI accounts – Albula Investment Fund, Cresta Fund and APMS Investment Fund.
However, Adani Group’s shares continued to decline for at least a week before gaining momentum. The report also alleged that market regulators were seeking to launch a regulatory investigation into the matter.
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