Exclusive: Indian market regulator examining Adani share rout, source says

📆 2023/02/02 03:01:00
📰 Reuters

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India's market regulator is examining a recent crash in shares of Adani Group and looking into any possible irregularities in a share sale by its flagship company, a source with direct knowledge of the matter told Reuters on Wednesday.

, extending losses in seven listed companies to $86 billion in the wake of a U.S. short-seller report.in a dramatic reversal, citing market conditions.SEBI is undertaking a full-scale examination of the fall in shares, the source said, declining to be identified as the matter is confidential.

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. It also raised concerns about high debt and the valuations of the seven listed Adani companies.

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Financials lead Indian shares lower; Adani stocks, econ survey in focusIndian shares declined after a volatile opening on Tuesday, the final day of Adani Enterprises' mega secondary share sale and ahead of the country's annual pre-budget economic survey. Adani story touted heavily to catalyse broader shift from India to China. Two-fold objectives are to: (a) get weak investors to hand over bid-offer spread to market makers, and (b) to increase circulation for the financial press. Suckers will fall for it. Guaranteed.
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