On Monday, 19 July, the government apprised the parliament that the Securities and Exchange Board of India (SEBI) is investigating the Adani Group over non-compliance with securities rules.
Junior Finance Minister Pankaj Chaudhary told the Parliament that besides the central market’s regulator, the Directorate of Revenue Intelligence (DRI) is also probing “certain entities” of Adani Group for compliance with other local laws.
However, a spokesperson for the business group said that they have always been transparent with the regulator.
The minister offered no other information regarding the probes and did not name the companies being investigated.
Consequently, the firms controlled by billionaire Gautam Adani saw a drop in their shares for a second day Tuesday, 20 July.
In early trading, shares of six listed firms, namely, Adani Total Gas, Adani Transmission, Adani Green Energy and Adani Power decreased by 5 per cent.
Flagship Adani Enterprises declined by as much as 3.2 per cent, while…