New Delhi: Leading companies of the Adani Group controlled by Gautam Adani fell for the second day in a row on Tuesday after the government said Sebi is investigating the companies. Junior finance minister Pankaj Chaudhary on Monday told the Parliament that some of the firms are being probed by the markets regulator over compliance with local securities rules.

All six listed Adani Group companies shed in early trading on Tuesday. Adani Total Gas Ltd, Adani Transmission Ltd, Adani Green Energy Ltd and Adani Power Ltd declined 5 per cent in Mumbai, according to Bloomberg report. Flagship Adani Enterprises Ltd also fell as much as 3.2 per cent, while Adani Ports & Special Economic Zone Ltd slipped 2.6 per cent, compared with a 0.7 per cent drop in the benchmark S&P BSE Sensex during trading.

While responding to a question in the parliament on Monday, Chaudhary said besides the Securities and Exchange Board of India, Directorate of Revenue Intelligence, or DRI, is also “investigating certain entities” belonging to the Adani Group for compliance to another set of local laws.

The minister’s statement comes amid reports that accounts of three Mauritius-based funds, with a significant exposure to Adani Group stocks, were frozen by the national stock depository due to insufficient disclosures.

Meanwhile, Adani Group on Monday issued a clarification saying it is fully compliant with SEBI regulation. Adani Group spokesperson said, “We have always been transparent with all our regulators and have full faith in them. While we have always been fully compliant with applicable SEBI regulations, we have made full disclosure to SEBI on specific information requests from them in the past. However, we have not received any communication or information requests recently.”

Gautam Adani’s net worth, which increased the most in the world in March, has been hugely impacted over the investigations and now stands at $52.7 billion, according to the Bloomberg Billionaires Index.

LEAVE A REPLY

Please enter your comment!
Please enter your name here