New Delhi: Days after Supreme Court appointed expert committee pointed out suspicious trading in Adani Group shares just before the market crash, it has come to light that three flagship companies of the group are under the scanner for alleged breach of security laws.
A leading business daily reports that the Securities & Exchange Board of India (SEBI) is looking & probing into dealings of the shares of three Adani Group companies for possible breach of laws, related to insider trading.
The companies in question are Adani Power, Adani Green Energy & Ambuja Cements.
Days ago, the market regulator had raised questions over some unpublished information that could have paved way for inside trading in these stocks, the daily reported.
These development comes on back of SC appointed panel’s findings that Adani Group stocks were subjected to suspicious trading by at least 6 entities involving 4 foreign portfolio investors, 1 corporate & 1 individual.
These entities reportedly acquired short positions in Adani scrips, prior to January 24 (when Hindeburg report released) and went to book substantial profits when the stocks plummeted to all-time lows.
All these entities are already under probe, with detailed investigation being conducted by concerned department.
If insider trading charges are established, this could be another blow to the billion-dollar company and it will call for further investigation over ‘internal involvement.’
Notably, the Adani Group went into a tailspin at the stock markets after the damning Hindenburg report, on January 24, 2023 accused it of brazen stock manipulation and pulling off an accounting fraud. The Hindenburg report also claimed “Adani empire was biggest con in India’s corporate history.” The very next stock, the stocks of all flagship companies went into a meltdown, thus wiping off its million of wealth in next few days.
Gautam Adani-led group equated the Hindenburg report to an ‘attack of India’ but failed to arrest the meltdown in stocks.
A major political row broke out, with petitions being filed for probe into Gautam Adani’s empire, the Supreme Court constituted a six-member expert committee on March 2, to investigate whether stock prices were manipulated as alleged in report.
