Adani Group stocks: After Dow Jones' move against Adani Enterprises, TMC MP Mahua Moitra questions NSE
1 min read . Updated: 03 Feb 2023, 12:09 PM IST
PremiumAs many as three Adani group companies, including Adani Enterprises, have come under short-term additional surveillance measure (ASM) framework of the BSE and NSE
After S&P Dow Jones said it will remove the Adani group's flagship firm Adani Enterprises from sustainability indices with effect from February 7, Trinamool Congress (TMC) MP Mahua Moitra questioned why the National Stock Exchange (NSE) was yet to reevaluate the index membership of Adani stocks.
“S&P Dow Jones removes Adani Enterprises from Dow Jones indices due to charges of stock manipulation & accounting fraud. Why is @NSEIndia not reevaluating index membership of Adani stocks when international ones are?," she tweeted.
Just a few days back, things were all fine for the Gautam Adani-led Adani Group. Now, a damning short-seller attack has left the billionaire battling the worst crisis. The Group has shed $108 billion in market value since Hindenburg Research accused it of stock manipulation and accounting fraud.
As many as three Adani group companies, including Adani Enterprises, have come under short-term additional surveillance measure (ASM) framework of the BSE and NSE, according to the latest data available with the exchanges on Thursday.
Apart from Adani Enterprises, the other two firms listed by the exchanges are -- Adani Ports and Special Economic Zone and Ambuja Cements.
Adani Enterprises shares have received another jolt from the US markets. Adani Enterprises shares are now facing removal from the Dow Jones Sustainability Indices, effective prior to open on Tuesday, 7th February 2023. The information has been made in index announcement by the US markets.
On Thursday, the TMC MP had urged the insurance regulator IRDAI to keep a watch on the state-run Life Insurance Corporation (LIC), which has invested over ₹30,000 crore in ports-to-power conglomerate.
Meanwhile, Congress general secretary KC Venugopal has said that the party will hold nationwide protests in front of Life Insurance Corporation Offices and State Bank of India branches in all districts on February 6.
Speaking to ANI, Venugopal said, "Government at the Centre is using common people's money to support their closest friends. Congress party has decided to have nationwide agitation across districts of the country in front of LIC and SBI offices on Monday."
Hindenburg, in its report, alleged that Adani used offshore shells for money laundering and siphoned from listed companies. The short seller, which took a position in offshore Adani securities, characterized the group’s meteoric rise as “the largest con in corporate history."
