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Indian lawmaker alarms investors over Adani saga
(MENAFN) India’s Securities and Exchange Board (SEBI) has advised investors to “remain calm” and practice “due diligence” following new allegations from US-based short seller Hindenburg Research regarding the Adani Group. The controversy, which has been ongoing for some time, took a new turn over the weekend with Hindenburg’s latest report.
On Saturday, Hindenburg accused SEBI Chairperson Madhabi Puri Buch and her husband Dhaval Buch of holding stakes in “obscure offshore funds” linked to Adani Group, which was previously implicated in alleged stock market manipulation. The report also criticized the delay in initiating a probe against Adani Group and questioned SEBI’s impartiality in the investigation.
The release of these allegations led to notable fluctuations in Adani Group’s stock, with Reuters reporting that the market value of Adani companies fell by USD2.43 billion, or 1 percent, by the end of the trading day on Monday.
Both Adani Group, led by billionaire Gautam Adani, and SEBI have firmly denied the accusations made by Hindenburg. SEBI issued a statement on Sunday, asserting that the allegations had been thoroughly investigated. The regulator noted that 23 out of 24 investigations into Adani Group were completed by March 2024, with the final investigation nearing completion. SEBI emphasized that it does not comment on ongoing investigations as a matter of policy.
On Saturday, Hindenburg accused SEBI Chairperson Madhabi Puri Buch and her husband Dhaval Buch of holding stakes in “obscure offshore funds” linked to Adani Group, which was previously implicated in alleged stock market manipulation. The report also criticized the delay in initiating a probe against Adani Group and questioned SEBI’s impartiality in the investigation.
The release of these allegations led to notable fluctuations in Adani Group’s stock, with Reuters reporting that the market value of Adani companies fell by USD2.43 billion, or 1 percent, by the end of the trading day on Monday.
Both Adani Group, led by billionaire Gautam Adani, and SEBI have firmly denied the accusations made by Hindenburg. SEBI issued a statement on Sunday, asserting that the allegations had been thoroughly investigated. The regulator noted that 23 out of 24 investigations into Adani Group were completed by March 2024, with the final investigation nearing completion. SEBI emphasized that it does not comment on ongoing investigations as a matter of policy.
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