BackAdani Group stocks fall as SEBI likely to submit report in Supreme Court today; Adani Ent shares drop the most over 5%
The Adani Group stocks are in focus as the capital market regulator Securities and Exchange Board of India (Sebi) is likely to submit its report to the Supreme Court of India on its probe over the allegations made by US-based Hindenburg Research against the Adani Group.
PremiumAdani group stocks fell in the range of 2-5% on Monday with Adani Enterprises shares declining the most by over 5%, being the top loser on the Nifty index.
Among other Adani Group stocks, Adani Power and Adani Transmission plunged more than 4% each, while Adani Ports & SEZ, Adani Green Energy, Adani Total Gas and Adani Wilmar shares were down over 3% each.
Besides, Ambuja Cements dropped as much as 4.07%, ACC declined 2.2% and NDTV dipped 3% on the BSE.
The Adani Group stocks are in focus as the capital market regulator Securities and Exchange Board of India (Sebi) is likely to submit its report to the Supreme Court of India on its probe over the allegations made by US-based Hindenburg Research against the Adani Group.
The Supreme Court had granted Sebi an extension until August 14 to conclude its investigation into allegations against the billionaire Gautam Adani-led conglomerate made by the US short-seller.
According to a CNBC-TV18 report, the Supreme court has listed the case for hearing on August 29.
The apex court had directed the regulator to provide a specific report on its investigation into alleged violations of minimum public shareholding (MPS) norms by certain Adani companies.
Read here: Sebi gets time till 14 Aug to complete Adani probe
The Hindenburg report released in January this year claimed “brazen accounting fraud" and “stock manipulation" by the Gautam Adani-led group.
Though the conglomerate rejected the report as “unresearched" and “maliciously mischievous", it triggered a massive rout of Adani group stocks, which lost over $140 billion in days and forced the cancellation of a ₹20,000 crore share sale in the group’s flagship.
Meanwhile, Adani Ports share price also fell after Deloitte Haskins and Sells resigned as the statutory auditor of the company, citing differences of opinion.
Also Read: Adani Ports share price falls over 3% after auditor Deloitte Haskins resigns prematurely
The Group, said its port business arm Adani Ports and SEZ Ltd., has appointed M S K A & Associates (an independent member firm of BDO International), as its auditor.
Deloitte Haskins was Adani Ports' auditor since FY2018 and was reappointed for another five-year term as the statutory auditor only last year.
Deloitte's resignation letter as Adani Ports' statutory auditor revealed that the Big 4 auditor resigned prematurely primarily due to lack of clarity on transactions with certain parties alleged in the January's Hindenburg Research report, and because of the ₹1.75 trillion Gautam Adani-led company’s resistance to conduct an independent external evaluation.
Read here: Deloitte’s Adani Ports exit reveals a Hindenburg link
At 11:30 am, Adani Enterprises share price was trading 3.41% lower at ₹2,452.00 apiece on the BSE.
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