Adani Group in trouble once again! Investigation going on in America, 55 thousand crores sacrificed as soon as the news comes
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The report highlights that the inquiry focused on the information provided by the Adani Group to those investors. Additional sources noted that the Securities and Exchange Commission (SEC) is also conducting a similar investigation against the group.
Shares of Adani Group declined on Friday following a report that indicated US authorities are probing the group’s representations to investors, prompted by a report by US short-seller Hindenburg Research. Institutional investors who hold significant stakes in Adani group companies have reportedly received inquiries from the US Attorney’s Office in Brooklyn, New York, according to Bloomberg’s sources. 10 out of 10 shares of Adani fell. Due to the fall in these shares, the company has lost Rs 55,000 crore in one stroke.
The report highlights that the inquiry focused on the information provided by the Adani Group to those investors. Additional sources noted that the Securities and Exchange Commission (SEC) is also conducting a similar investigation against the group. The group’s flagship company Adani Enterprises experienced an early fall of nearly 9 per cent in early trade, though recovered somewhat by 12 noon. Most of the other Adani Group stocks declined in the range of 2 per cent to 6 per cent.
Will the US probe hurt Adani Group?
While requests for information from US prosecutors do not necessarily mean criminal or civil proceedings will be filed, the interest shown by US authorities is worrying for the Adani group, which staged a strong recovery following the Hindenburg Research report. The short-seller had accused the group of long-running stock manipulation and accounting fraud, allegations strongly denied by the Adani Group.
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