The share plunge was sparked by a report by Hindenburg Research last week which alleged improper use by the Adani Group of offshore tax havens and stock manipulation.
February 01, 2023 / 09:39 PM IST
Market regulator SEBI is examining a recent crash in shares of Adani Group and looking into any possible irregularities in a share sale by its flagship company, Reuters reported on February 1 quoting sources.
The Securities and Exchange Board of India’s (SEBI) examination comes on a day when Adani Group shares plunged, extending losses in seven listed companies to $86 billion in the wake of a US short-seller report.
Spokespeople for Adani Group and SEBI did not immediately respond to a request for comment.
SEBI is undertaking a full-scale examination of the fall in shares, the source said, declining to be identified as the matter is confidential.