New Delhi: Security and Exchanges Board of India (SEBI) issued a statement about the Adani Group row and their falling stock prices. The board ensured that in the long term, the market will react positively and it will use the available surveillance methods to look into the stock of the conglomerate. The statement also said that the markets will continue to function in a ‘transparent, fair and efficient manner’.

The statement said that the dollar-adjusted marker returns, as compared to other countries, have been positive in India in the past three years. It acknowledged, without naming the Adani Group, that the stock prices of a conglomerate have shown volatility last week. It said that SEBI will use the ‘publically available surveillance measures’ like the ASM framework to check the excessive volatility in ‘specific stocks’.

SEBI said that in such entity-level issues, as per their policies, the situation is examined and the appropriate actions are taken. It added that the board is committed to ensuring the integrity and the structural strength of the stock markets.

On the Adani issue, SEBI says it is committed to ensuring market integrity and appropriate structural strength pic.twitter.com/U9gLz80Y8m

— ANI (@ANI) February 4, 2023

The short-selling and research firm Hindenburg Research alleged the Adani Group of financial malpractice and stock manipulation, after which stock prices of certain companies under the Adani Group started to fall. While Adani Group issued the statement answering the 88 questions posed and called the report a lie, the stock market reacted with volatility.

Gautam Adani, the chairman of the Adani Group, was the world’s third richest person and now has fallen to the 21st place in the Bloomberg Billionaires Index.