Adani Group stocks tumble on buzz of Sebi, DRI investigation

Shares of six Adani Group companies fell by 1.48% to 5% as the media reported that certain Adani Group companies are being investigated by Securities and Exchange Board of India (Sebi) over compliance with regulations.

Adani Power (down 5%), Adani Total Gas (down 5%), Adani Transmission (down 5%), Adani Green Energy (down 4.93%), Adani Enterprises (down 2.17%) and Adani Ports & SEZ (down 1.48%) slumped.

In a written reply to questions raised by lawmakers, the finance ministry said that Sebi was investigating some Adani Group companies with regard to compliance with Sebi Regulations.

"The Directorate of Revenue Intelligence (DRI) is also investigating certain entities belonging to the Adani Group under laws administered by it," Pankaj Chaudhary, minister of state for finance, said in a written reply to questions raised by Lok Sabha member Mahua Moitra, of the TMC party.

The finance ministry said that there was no ongoing investigation by the Enforcement Directorate and that as far as the investigation under Income Tax Act was concerned, disclosure of information regarding a specific taxpayer was prohibited, except under a specific section of law.

The Adani Group, however, clarified that it has not received any communication or information requests recently from Sebi recently and the DRI show-cause notice was issued five years back.

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