Adani Group stocks hold strong even as FPIs talk of settlement with Sebi

April 24, 2024 / 10:33 AM IST

Adani Enterprises, Adani Energy Solutions, Adani Ports & SEZ, and NDTV rose for the fourth consecutive session

Adani Group stocks unfazed by reports of FPIs looking to settle securities violation matters with Sebi. The markets regulator found that a dozen of offshore funds invested in Adani Group companies were in violation of disclosure rules and in breach of investment limits.

Adani Enterprises, Adani Energy Solutions, Adani Ports & SEZ, and NDTV rose 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 straight session.

At 10:20am, Adani Enterprises up 0.2 percent, Adani Ports & SEZ gained 0.1 percent, Adani Energy Solutions and Adani Wilmar were up 0.3 percent each, Adani Energy Solutions gained 0.1 percent, Adani Green Energy rose 0.3 percent, and Adani Power declined 0.8 percent.

According to news reports, Sebi has taken action against two groups of foreign portfolio investors. The first allegedly shorted stocks in Gautam Adani-led firms ahead of a short seller report from Hindenburg Research, which caused over $100 billion in market value loss for the Adani Group in January 2023. The second group, linked to Adani Group's founders, faced scrutiny in June 2021 for investing heavily in Adani stocks. Sebi is seeking explanations from these funds for possible rule violations, although the conglomerate denies any association with them.

According to a Bloomberg report, the regulator will issue a final order in these probes after hearing the funds' explanations, a process that may take a few months or longer.

Sebi's investigations will conclude the Hindenburg episode domestically, as mandated by India's top court in January. The regulator has accused the funds of not disclosing information about their beneficial owners and violating investment limits in Adani Group listed entities during certain periods. This was reported by The Economic Times on Monday.

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