SEBI to give Finance Ministry update on Adani Group stocks, says Reuters report

13 Feb 2023 , 11:32 AM

According to a Reuters report, India’s market regulator will provide an update to the finance minister this week regarding its probe into the Adani Group’s withdrawn $2.5 billion follow-on public offering.

According to the report, the Securities and Exchange Board of India (SEBI) board is slated to meet with Finance Minister Nirmala Sitharaman on February 15.

The report stated that the SEBI board will inform the minister of the regulator’s surveillance actions during the most recent decline in the price of Adani Group equities.

Since a damning analysis by a U.S. short seller in late January, the market value of the listed entities of the Indian conglomerate has fallen by more than $100 billion. The group’s leading company Adani Enterprises Ltd had to cancel its share offering as a result of the downturn.

To ensure that the share prices of the Adani group firms were stable, the regulator has implemented a number of surveillance measures.

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