Securities regulator and customs authorities are investigating some Adani Group corporations for non-compliance of guidelines, Minister of State for Finance advised parliament on Monday.
It was not instantly clear when the Securities and Trade Board of India (SEBI), or the Directorate of Income Intelligence (DRI) launched the investigation.
The minister, Pankaj Chaudhary, didn’t identify which corporations had been concerned.
Shares of Adani group corporations, which function airports and ports, energy technology and transmission, coal and gasoline buying and selling, closed between 1.1-4.8 per cent decrease on Monday.
“SEBI is investigating some Adani Group corporations with regard to compliance with SEBI Laws. Additional, the Directorate of Income Intelligence (DRI) is investigating sure entities belonging to the Adani Group,” Mr Chaudhary mentioned.
Shares of corporations managed by billionaire Gautam Adani final month recorded their biggest-ever declines within the week ending June 18, after The Financial Occasions reported the accounts of three Mauritius-based overseas traders in Adani corporations had been frozen.
Shares within the six Adani corporations have fallen between 12.9-44.9 per cent within the 5 weeks after the Financial Occasions report.
The shares have cumulatively misplaced over $37.6 billion in simply over a month after The Financial Occasions report, even after Adani rejected the article as “blatantly faulty.”
A spokesman for the Adani group didn’t instantly reply to an electronic mail searching for remark.