India's markets regulator has sent notices of regulatory violations to seven companies of the Adani conglomerate, including its flagship Adani Enterprises, the group said in stock exchange filings.
The regulator began probing the Adani group, led by billionaire Gautam Adani, after Hindenburg Research in January 2023 alleged improper use of tax havens and stock manipulation by the group, accusations the group has denied.
The regulator began probing the Adani group, led by billionaire Gautam Adani, after Hindenburg Research in January 2023 alleged improper use of tax havens and stock manipulation by the group, accusations the group has denied. Typically such violations attract monetary penalties or management can be barred from capital markets for a certain period. Such actions are based on the seriousness of the allegations. Reuters could not ascertain the seriousness of the allegations.Shares of Adani Green and Adani Energy were up 0.9% and 0.7%, respectively on Friday, while the other companies' shares were down between 0.1% and 2%.
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