Business
Adani Group. (Representative image).
Adani group shares were subject to suspicious trading by four foreign portfolio investors, one corporate, and one individual, as per the Supreme Court's panel report.
Suspicious trading activity occurred as certain entities acquired short positions in Adani group stocks before the Hindenburg report was released. These entities then made significant profits by closing these positions after the report's publication, reports Financial Express.
These entities are under scrutiny and a detailed investigation is underway.
Between 1 April 2018 and 31 December 2022, SEBI received 849 alerts regarding Adani group scrips.
Of which 603 alerts were about price volume, 246 were about insider trading. Three stock exchanges examination reports were submitted to SEBI and are being reviewed.
As per the report, there was no clear evidence of manipulative contribution that could be linked to one or multiple entities in Adani Enterprises.
The committee has requested the capital markets regulator to compile comprehensive data charts showcasing price movements across all stocks within the Adani group, and present them for detailed analysis.
Hindenburg's report labeled the Adani empire as the largest corporate fraud in history, accusing them of a blatant manipulation of stock and accounting fraud.
Despite their denial of these allegations, Adani Group witnessed a decline in shares post the report's publication on 24 January.
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