Adani Enterprises slides on buzz SC stays Bombay HC ruling

Adani Enterprises fell 1.74% to Rs 200.35 after the media reported that the Supreme Court (SC) has set aside Bombay High Court's order giving relief to the firm in the coal import case.

According to reports, the Supreme Court on Wednesday issued notice to Adani Enterprises on an appeal by Directorate of Revenue Intelligence (DRI) in a matter connected with the alleged over-invoicing of Indonesian coal imports.

DRI alleges that the Adani group companies had overvalued the coal that it imported from Indonesia to avail tax benefits in India between 2010 and 2016. The group routed the imports through several countries and siphoned off money, according to DRI.

In October last year, the Bombay High Court ruled in favour of Adani Enterprises and quashed all Letters Rogatory (LRs) sent by the DRI, halting the investigations by the agency which were going on since 2016. The DRI was probing at least 40 companies for alleged overvaluation of coal imports from Indonesia pegged at Rs 29,000 crore between 2011 and 2015.

An LR is a documents making a request through to obtain information or evidence from a specified person within the jurisdiction of that court.

Barring Adani Green, which was locked in an upper circuit of 5%, all other Adani Group stocks witnessed selling pressure. Adani Power (down 1.48%), Adani Gas (down 1.35%) and Adani Transmission (down 0.26%) tumbled.

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