Adani group stocks not much affected today by SEBI report on offshore funds invested in the group

24 Apr 2024 , 03:40 PM

Adani Group stocks remained unaffected by reports that Sebi has found 12 offshore funds invested in Adani Group companies, in violation of disclosure rules and  investment limits.

Adani Enterprises, Adani Energy Solutions, Adani Ports & SEZ, and NDTV continued their upward trend for the fourth consecutive session. Adani Green Energy, Adani Wilmar, and Ambuja Cement saw gains for the third consecutive session, while Adani Power and ACC rose for the second consecutive session.

At the time of writing, Adani Enterprises fell by 0.74%, Adani Ports & SEZ fell by 0.17%, Adani Energy Solutions by 0.014% and Adani Wilmar rose by 0.41%, Adani Green Energy fell by 0.36%, and Adani Power declined by 0.90%.

Sebi initiated action against two groups of foreign portfolio investors, one accused of shorting stocks in Adani Group companies prior to a negative report from Hindenburg Research, and the other linked to Adani Group’s founders and facing scrutiny since June 2021 for heavy investment in Adani stocks.

Sebi is seeking explanations from these funds for potential rule violations, with a final order expected after hearing their responses, a process that may take several months.

Sebi’s investigations are part of concluding the Hindenburg episode domestically, as mandated by India’s top court in January. 

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