Adani Share: The Securities and Exchange Board of India (SEBI) has broadened its investigative lens into the Adani Group, now probing the ties between the conglomerate and a fund based in the British Virgin Islands. Citing unnamed sources, Reuters reported that SEBI is keen to uncover the nature of the relationship between Adani Group and the fund.
Adani Share: SEBI’s main objective is to ascertain if there have been any breaches related to the rules of share ownership. On Wednesday, Adani Group’s shares showcased a varied performance, oscillating between slight pressures to sharp surges. Shares under stress saw a marginal loss, below a quarter percent. However, shares of certain companies under the group registered an upswing of up to 3%.
Adani Share Details of the Probe
The report based on sources mentions that the fund in question is named Gulf Asia Trade and Investment. Its ownership is reportedly linked to a businessman from Dubai. The regulator is keen to know the real entities behind this fund and whether it has any direct or indirect association with the Adani Group.
Earlier in January, a report by Hindenburg accused the promoters of Adani Group of using other companies to invest in their own firms to manipulate share prices, calling it a violation of rules. Additionally, the Organized Crime and Corruption Reporting Project suggested that Asia Trade and Investment has invested in multiple Adani Group companies.
Sources suggest that SEBI wants to determine if the fund’s investments in Adani Group’s firms fall within the bounds of mutual agreement. As per Reuters, there has been no response from any parties involved in the matter yet.
Adani Share Performance Overview
Adani Share: Wednesday’s trading session witnessed a general bullish trend for the group’s stocks. Most of the group’s stocks traded in the green. However, Adani Enterprises remained steady at its previous levels, while Adani Port and Adani Total Gas experienced a slight dip of less than half a percent.
On the brighter side, stocks like ACC and Adani Green observed an increase of nearly 3%. Adani Power, Adani Transmission, and Ambuja Cements enjoyed a rise of more than 1%.
In a nutshell, while the group’s shares displayed mixed reactions on the market floor, the shadow of SEBI’s ongoing probe looms large. How this investigation unfolds and its implications on the Adani Group will be keenly observed in the coming days.
