-- Sign up for the India Edition newsletter by Menaka Doshi – an insider's guide to the emerging economic powerhouse, and the billionaires and businesses behind its rise, delivered weekly.India’s capital markets regulator has asked a clutch of global funds that had invested in Adani Group stocks to defend themselves against allegations of improper disclosures and market manipulation, according to people familiar with the matter.
Sebi is seeking an explanation from these funds as it looks into possible violations of rules around investing, the people said. The conglomerate has repeatedly denied any links to these funds. The Indian markets regulator has accused the funds of failing to maintain and disclose information about their ultimate beneficial owners as well as for breaching investment limits in listed entities of Adani Group during certain periods, according to a report Monday in The Economic Times.
The Adani Group’s stocks have been on a rollercoaster ride in the past few years. Some of its firms saw stock gains of more than 1,000% between 2020 and early-2023, leaving them valued at price-earnings ratios much higher than peer companies and fueling speculation over which investors were bidding them up.
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