SEBI launches probe against Adani Group companies, sparks uproar in Parliament

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New Delhi, 19 July 2021 Monday

The troubles of Gautam Adani, the country's second richest man, could escalate in the coming days. The government told Parliament today that several companies linked to the Adani Group were being investigated. Following the news, shares of Adani Group fell. It may be mentioned here that Adani Group companies have performed well during the last one year.

In a written reply to Parliament on July 19, Union Minister of State for Finance Pankaj Chaudhary said, "SEBI is investigating several companies belonging to the Adani group. They are suspected of not following the rules. The Directorate of Revenue Intelligence (DRI) is also investigating these companies. The Minister of State for Finance also clarified that no investigation is being conducted by the Enforcement Directorate (ED). Apart from this, the government said that in June, SEBI had frozen Albula Investment Fund Limited, Cresta Fund Limited and APMS Investment Fund.

As soon as this news came, the shares of Adani Group's company started falling. Adani Enterprise lost 5 per cent, Adani Power 4 per cent, Adani Port about 4 per cent, Adani Transmission 5 per cent, Adani Total Gas 5 per cent and Adani Green Energy 3 per cent.

It may be mentioned here that news came last month that the National Security Depository Limited (NSDL) has banned the accounts of three foreign funds. These funds have invested Rs 43,000 crore in Adani Group companies. Shares of Adani Group companies then fell sharply.

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