A SEBI report has meanwhile said that there is no significant impact on market warranting review of regulatory frameworks amidst the Adani-Hindenburg Row.
New Delhi: Adani Group has appointed accountancy firm Grant Thornton for independent audits of some of its companies in a bid to discredit claims by short-seller Hindenburg Research that have battered its stocks and bonds, a Reuters report has said.
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The Centre agreed to the SC’s proposal to set up a panel of experts to look into the issue of strengthening of regulatory mechanisms for the stock market in the wake of the recent Adani group shares crash triggered by Hindenburg Research’s fraud allegations
Meanwhile, The Securities and Exchange Board of India (SEBI) told the Supreme Court on Monday that the shares of Adani Group have seen significant decline in prices on account of selling pressure, and the wider Indian market has shown full resilience and the combined weight of the group companies in Sensex is zero and in Nifty it is below 1 per cent.
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In a note submitted in the apex court, Sebi said: “The events that are the subject of the PIL are related to one set of entities in the market and have not had any significant impact at the systemic level. While the shares of the Adani Group have seen significant decline in prices on account of selling pressure, the wider Indian market has shown full resilience. The combined weight of the group companies in Sensex is zero and in Nifty it is below 1 per cent.”
With Agencies Inputs
