All 10 Adani Group stocks faced strong selling pressure on Friday after a Bloomberg report said US regulators were looking at the group’s past presentations to investors. Adani Enterprises, which droppped 6.8%, led the slide in Friday’s relatively weak market as the sensex closed 0.4% lower, report Partha Sinha & Reeba Zachariah.
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Denying any wrongdoing, Adani Group said it operates within “a robust corporate governance framework” and it was not aware of any subpoena to investors by US law enforcement agencies.
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The Bloomberg report said two US authorities – Securities & Exchange Commission and the Attorney’s Office in Brooklyn – were inquiring about presentations by Adani Group to American investors, especially those with large holdings of stocks of the group’s companies.
