6 out of 10 Adani group stocks locked at 5% lower circuit in firm market

Shares of Gautam Adani-led companies continued to reel under pressure, with 6 out of 10 listed shares of the group locked in the 5 per cent lower circuit on the BSE on Tuesday at 11:08 AM in an otherwise firm market. In comparison, the S&P BSE Sensex was up 0.57 per cent at 60,774.

Adani Power (Rs 148.30), Adani Green Energy (Rs 653.40), Adani Transmission (Rs 1,070.55), Adani Total Gas (Rs 1,135.60), Adani Wilmar (Rs 393.60) and New Delhi Television (NDTV) (Rs 188.35) were locked in the lower circuit, with only sellers seen at these counters.

Ambuja Cements, ACC and Adani Enterprises were down in the range of 1 per cent to 3 per cent, after falling 6 per cent in intra-day trades. Adani Ports, however, was trading 1 per cent higher at Rs 558.25 on the BSE. Since January 24, the stock price of Adani group companies have tanked up to 71 per cent after a report by US short-seller Hindenburg Research accused it of improper use of offshore tax havens and stock manipulation; allegations the group has denied.

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Meanwhile, the Securities and Exchange Board of India (Sebi), the market regulator, has said, in a submission to the Supreme Court, that it is “enquiring” into the allegations made by American short-seller Hindenburg Research against the Adani Group of companies and its impact on the markets.

In the same matter, the Central government has agreed to form an expert committee to strengthen the regulatory regime in order to ensure that market investors are protected. The Supreme Court had last week suggested an expert committee to look into the allegations and had asked the Centre for its response. The top court had sought Sebi’s response on regulatory framework modification, the Business Standard reported.CLICK HERE FOR REPORT

According to Reuters report, Adani Group has appointed accountancy firm Grant Thornton for independent audits of some of its companies in a bid to discredit claims by short-seller Hindenburg Research that have battered its stocks and bonds, two people familiar with the matter said on Monday. CLICK HERE FOR FULL REPORT