SEBI To Update Nirmala Sitharaman On Adani Group Investigation This Week: Report

SEBI To Update Nirmala Sitharaman On Adani Group Investigation This Week: Report

The Securities and Exchange Board of India (SEBI), the country’s market regulator, will provide an update on its investigations into Adani Group’s withdrawn follow-on public issue this week, citing two sources familiar with the matter news agency Reuters reported on Monday.

According to the sources, the SEBI is scheduled to meet Union Finance Minister Nirmala Sitharaman on February 15. The board of SEBI will brief Sitharaman on surveillance measures taken by the regulator during the recent rout in Adani Group stocks, the sources said.

The Indian conglomerate’s listed entities have lost more than $100 billion in market value since a scathing report by a US short seller in late January. An update on investigations into offshore fund flows into Adani Group entities is also likely, the sources added.

The SEBI, however, did not respond immediately to a Reuters request for comment.

Meanwhile, shares of Adani Group of companies declined in morning trade on Monday, with flagship firm Adani Enterprises falling over 4 per cent after credit rating firm Moody’s revised the rating outlook on four companies of the conglomerate to ‘negative’ from ‘stable’.

On the BSE, the scrip of Adani Enterprises dived 4.32 per cent to Rs 1,767.60 apiece in the early trade, while shares of Adani Ports and Economic Zone slipped 2.56 per cent to Rs 568.90 per share. Some of the group firms also touched their lower price bands.

In the morning session on Monday, shares of Adani Power plummeted to Rs 156.10, Adani Transmission to Rs 1,126.85, Adani Green Energy to Rs 687.75 and Adani Total Gas to Rs 1,195.35 per share on the bourse. All these scrips declined 5 per cent each. The scrip of Ambuja Cements plunged 3.34 per cent to Rs 349, Adani Wilmar went lower by 3.31 per cent to Rs 421.65, NDTV nosedived 2.25 per cent to Rs 203.95 and ACC fell 1.49 per cent to Rs 1,853 apiece on the BSE.

In the morning session, the 30-share BSE Sensex was trading 393 points lower at 60,289 points.

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