- By Aditya Pratap Singh
- Mon, 06 May 2024 12:15 PM (IST)
- Source:JND
Adani Group Stock: The shares of Adani Group are being plunged heavily amid fluctuations in the stock market. There is a big fall in shares ranging from Adani Power to Total Gas, days after Adani group firms received SEBI's show cause notice. Adani shares have been in red since the market opened today. In early trade, Adani Power fell by 3.28 percent to Rs 584.85. Adani Enterprises also went down to Rs 2865.50, down by 4.27 percent. Adani Green Energy was in red as It went down by 1.93 percent to Rs 1765.
Adani Ports has declined by 4.47 percent. In early trade, it went down to Rs 1261.30. At around 11:57 am stock of Adani port was trading at 1286.90, down by 2.5 percent on NSE. In early trade, Adani Total Gas has also slipped by 2.54 percent to Rs 906.80. Adani Energy Solution has declined by more than two percent. Adani Wilmar was down by over 2 percent at Rs 337.35. Shares of ACC, Ambuja Cement, and NDTV were also trading in the red.
Also Read: Adani Group: 7 Listed Firms Receive Sebi's Show Cause Notice; Details
Why did SEBI send a notice?
Six Adani Group companies have been served show-cause notices by the Securities and Exchange Board of India (SEBI) for alleged violations of related party transactions and non-compliance with listing rules.
Sebi's notice to these six companies is part of an investigation launched after short-seller Hindenburg Research made serious allegations of corporate fraud and share price manipulation against the Adani Group in January 2023. Adani Enterprises, Adani Ports and Special Economic Zone, Adani Power, Adani Energy Solutions, Adani Total Gas, and Adani Wilmar disclosed the information in their respective January-March quarter and FY 2023-24 financial results as per the SEBI notice.
