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Adani Group stocks fall on SEBI, DRI probe – BusinessLine

The stocks of Adani Group traded lower during the morning session on Tuesday for the second day after the Finance Ministry informed Lok Sabha that the Securities and Exchange Board of India (SEBI) and the Directorate of Revenue Intelligence (DRI) probe some Adani group companies over compliance with local security laws.

At 11:30 am, Adani Ports and Special Economic Zone Ltd (APSEZ) was trading at ₹663.60 on the BSE, down ₹10.10 or 1.50 per cent. It was down 1.51 per cent on the NSE.

Adani Enterprises Ltd was trading at ₹1,349.45, down ₹31.10 or 2.25 per cent. On the NSE, it was trading 2.32 per cent lower.

Adani Power Ltd, Adani Transmission Ltd, Adani Green Energy Ltd and Adani Total Gas Ltd were locked in the 5 per cent lower circuit.

Adani Power was trading at ₹97.20, down 4.99 per cent while Adani Transmission was down 5 per cent, trading at ₹920.55 on the BSE. Adani Green Energy was trading at ₹928, down 4.93 per cent while Adani Total Gas was quoting ₹813.60 per share, down 5 per cent.

The Finance Ministry on Monday told Lok Sabha that SEBI and DRI are probing some Adani group companies while ruling out any investigation by the Enforcement Directorate.

The Ministry also came out with ultimate beneficial owners of Foreign Portfolio Investors (FPI) having stake in six Adani group companies.

“SEBI is investigating some Adani Group companies with regard to compliance with SEBI Regulations. Further, the Directorate of Revenue Intelligence (DRI) is investigating certain entities belonging to the Adani Group of Companies under laws administered by it,” Pankaj Chaudhary, Minister of State in Finance Ministry said in a written answer, spread over 86 pages to the question put up by TMC MP Mahua Moitra, as per previous reports.

Last month, Adani Group stocks had witnessed a huge market sell-off following media reports claiming freezing of three FPI — Albula Investment Fund, Cresta Fund and APMS Investment Fund holding shares in Adani Group Companies.

However, the Group had denied the reports, terming them erroneous.