Bad days for Gautam Adani’s companies! Billionaire’s shares suffered so much today amid SEBI investigation
billionaire gautam Adani’s companies Difficult times are going on for (Adani Group). There has been talk of investigation of some of his companies on allegations of irregularities, after which their shares started declining again from yesterday (Adani Shares Fall). Earlier, there was news of freezing of accounts of some foreign companies holding stake in their companies, after which the prices of Adani’s shares started coming to the floor.
How much did the company’s shares fall today?
Even today, there has been a tremendous decline in the shares of Adani Enterprises and other companies. Shares of Adani Enterprises saw a decline of 22.40 points or 1.62% today and the stock stopped at the level of 1,358.20. Adani Transmission saw the biggest decline and the shares registered a decline of 48.40 points i.e. 5.00% and the stock closed at a price of 919.65.
Adani Total Gas saw a decline of 39.00 points i.e. 4.56% and the stock settled at 816.00. Adani Green Energy share prices declined by 38.95 points i.e. 3.98% and the stock closed at 940.20 level.
The shares of Adani Power fell by 5.10 points or 4.99% today and the stock closed at the level of 97.05. Adani Port’s shares also saw a decent decline and the stock closed at Rs 671.85, down 1.85 points or 0.27%.
The issue of investigation was raised in the House
Just on Monday, the issue of investigation into Adani’s companies was raised in the House and the government had informed that yes the investigation is going on. The government on Monday told the Lok Sabha that market regulator Sebi and the Directorate of Revenue Intelligence (DRI) are probing some companies of the Adani group for alleged flouting of norms.
In a written reply to a question in the House, Minister of State for Finance Pankaj Choudhary said that the accounts of three Mauritius funds were frozen in 2016 which have invested most of their money in Adani Group companies. Without giving any details, he said, “Some companies of the Adani group are being investigated for compliance with the provisions of SEBI.” The minister also informed that the DRR is also investigating some units belonging to this group.
Choudhary did not name the Adani Group companies that are under the scanner of SEBI and DRI. Yes, but he made it clear that the Enforcement Directorate is not investigating the Adani group. He also told the House that in June SEBI had frozen the funds of Albula Investment Fund, Cresta Fund and APMS Investment Fund, these companies hold investment stake in some companies of Adani Conglomerate Group.