Adani Group Stocks Are Down More Than 5% As SEBI Is Expected To Present Its Findings To The Supreme Court Today

The Adani Group stocks are in the spotlight as the capital market regulator Securities and Exchange Board of India (Sebi) is expected to present its findings to the Supreme Court of India on its investigation into the charges leveled against the Adani Group by US-based Hindenburg Research.

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Adani group equities slumped between 2-5% on Monday, with Adani Enterprises shares falling more than 5%, making it the biggest loser on the Nifty index.

Adani Power and Adani Transmission were down more than 4% apiece, while Adani Ports & SEZ, Adani Green Energy, Adani Total Gas, and Adani Wilmar were all down more than 3%.

Furthermore, Ambuja Cements fell as much as 4.07%, ACC was down 2.2%, and NDTV fell 3% on the BSE.

The Adani Group stocks are in the spotlight as the capital market regulator Securities and Exchange Board of India (Sebi) is expected to present its findings to the Supreme Court of India on its investigation into the charges leveled against the Adani Group by US-based Hindenburg Research. 

The Supreme Court has allowed Sebi an extension until August 14 to complete its inquiry into claims made by a US short-seller against the billionaire Gautam Adani-led company.

According to CNBC-TV18, the Supreme Court has scheduled a hearing on August 29.

The Supreme Court had ordered the regulator to provide a detailed report on its probe into alleged breaches of minimum public shareholding (MPS) guidelines by many Adani entities.

The Gautam Adani-led firm was accused of “brazen accounting fraud” and “stock manipulation” in the Hindenburg investigation, which was issued in January of this year.

Despite the fact that the conglomerate dismissed the article as “unresearched” and “maliciously mischievous,” it prompted a large sell-off in Adani group equities, which lost more than $140 billion in days and forced the cancellation of a 20,000 crore share sale in the firm’s flagship.

Meanwhile, the share price of Adani Ports plummeted when Deloitte Haskins and Sells withdrew as the company’s statutory auditor, citing differences of opinion. 

The Group announced that M S K A & Associates (an independent member firm of BDO International) has been chosen as its auditor by its port business subsidiary Adani Ports and SEZ Ltd.

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Deloitte Haskins has been Adani Ports’ auditor since FY2018 and was recently reappointed for another five-year term as the statutory auditor.

Deloitte’s resignation letter as Adani Ports’ statutory auditor disclosed that the Big 4 auditor resigned prematurely due to a lack of clarity on transactions with certain parties claimed in the Hindenburg Research report in January, as well as the 1.75 trillion Gautam Adani-led company’s refusal to conduct an independent external evaluation.

Adani Enterprises’ share price was trading 3.41% down on the BSE at 2,452.00 per share at 11:30 a.m. 

Axpert Media News Desk
Axpert Media News Deskhttps://axpertmedia.in
Axpert Media News Desk is an Internet media Website and our goal is to reach out People all over world with News, Informations & Entertainment. Ect, founder & ceo Krishnaanand

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