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The Securities and Exchange Board of India (SEBI) is examining the crash in Adani Group shares for irregularities relating to its share sale, according to a Reuters report.
Reuters cited government sources last night who said they were awaiting reports from SEBI, and, that it was looking into price manipulation of the company’s stocks.
Another anonymous source said there was a “full scale examination” of the falls in Adani Group shares by SEBI, including possible price manipulation, and irregularities in the highly anticipated further public offering (FPO) which was last night called off by the company.
Chairman and founder Guatam Adani issued a video address saying he had called off the FPO to “protect investors” after share price volatility.
Abu Dhabi-listed International Holding Company (IHC) had previously announced a $400 million investment in the Adani FPO via its subsidiary Green Transmission Investment Holding.
(Writing by Imogen Lillywhite; editing by Seban Scaria)
