Adani Group stocks tumble after report says US regulators probing conglomerate

Adani Power was down 3.13 per cent and was trading at Rs 248.75 on BSE; Adani Total Gas fell 2.76 per cent to Rs 637.05, and Adani Power slipped 1.54 per cent to Rs 959.10. Meanwhile, Adani Wilmar tanked 1.97 per cent, trading at Rs 410.10.

On the other hand, New Delhi Television Ltd (NDTV) was trading 2.13 per cent lower at Rs 217.90, and Ambuja Cements and ACC Ltd plunged 2.46 per cent each.

The fall in stocks came after a Bloomberg report said that in recent months the US Attorney’s Office in Brooklyn has sent inquiries to institutional investors with large holdings in Adani Group. The report stated that the US Securities and Exchange Commission also has a similar probe underway.

Adani group is already facing a probe in India, as market regulator Sebi is investigating the conglomerate after short seller Hindenburg Research said that the group was involved in ‘brazen stock market manipulation and accounting frauds over the course of a decade.’