Adani Enterprises, Adani Ports, Adani Green shares drop as Sebi seeks extension to probe Hindenburg allegations

Shares of Adani Enterprises Ltd, Adani Ports and Special Economic Zone Ltd, Adani Wilmar Ltd and Adani Green Energy Ltd and other Adani group stocks fell up to 3 per cent in Monday's trade as markets regulator Sebi, sought an additional 15-day extension from the Supreme Court to submit its report on the US-based short seller Hindenburg Research's  allegations against the Adani Group. The report was expected to be submitted early this week.

To recall the Supreme Court had given Sebi August 14 as deadline to submit an updated status report on the matter. The issue regarding the non-compliance of minimum public shareholding (MPS) norms flagged by Hindenburg has some weight, the Chief Justice of India (CJI)-led bench had said.

Shares of Adani group flagship Adani Enterprises was trading 2.93 per cent lower at Rs 2,463.95. Adani Ports declined 1.96 per cent to Rs 784.95. Shares of Adani Ports and Special Economic Zone Ltd (Adani Ports) said Deloitte Haskins & Sells LLP tendered resignation as statutory auditor of the company and its material subsidiaries. Adani Ports, meanwhile, announced the appointment of MSKA & Associates Chartered Accountants as its new auditor.

Shares of Adani Power fell 1.51 per cent to Rs 283.75 on BSE. Adani Wilmar slipped 2.07 per cent, Adani Green Energy 1.79 per cent and Adani Total Gas 1.77 per cent. Adani Energy Solutions also dropped 2.18 per cent to Rs 812.55.

Sebi said it has investigated 24 matters, out of which 17 are final and complete. These investigations have been approved by the competent authority in keeping with Sebi's practice and procedures. Sebi added that it has sought information from foreign agencies and regulators in some cases. Of the seven remaining matters, in one matter Sebi has completed the investigation based on the material gathered. The regulator further noted that it has prepared the interim report, which has been approved by the competent authority.

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Also read: Adani Ports shares fall as Deloitte resigns as statutory auditor; Adani firm appoints MSKA & Associates 

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