Adani shares fall up to 5% as it faces Sebi, DRI probe over compliance
Published On: Monday, July 19, 2021 | By: Team KnowMyStock
Shares of Adani Group stocks fell up to 5 percent in intraday trade on July 19 after Minister of State for Finance Pankaj Chaudhary said in Parliament today that the directorate of revenue intelligence and SEBI (Securities and Exchange Board of India) are probing some entities of the Adani group about compliance with the SEBI regulations. It was not immediately clear when the investigation was launched. The minister did not name which companies were involved. He also alleged that the Enforcement Directorate is not probing companies holding FPIs based on day-to-day trading of shares. A month ago, Adani Group had quashed reports about the National Securities Depository Ltd (NSDL) freezing three foreign portfolio investors (FPIs) related to the group. Adani Group CFO Jugeshinder Singh told CNBC-TV18 that it was "a malicious attempt to push a patently false story".
Shares tumbled on Monday after the minister's comments. Adani Total Gas Ltd. extended decline to its daily 5% limit. Adani Power Ltd. fell as much as 4.9%, the most since July 2. Adani Transmission Ltd., Adani Enterprises Ltd., and Adani Green Energy Ltd. all fell between 2.6% and 3.5%.Adani Ports and Special Economic Zone Ltd. extended drop to 3.8%, before paring some losses.
Tags: Adani Group stock fell upto 5 percent faces Sebi DRI probe over compliance Minister of State for Finance Pankaj Chaudhary
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