Adani group’s market cap slips below Rs 10 lakh crore on SEC scrutiny

US authorities are looking into the representations that Adani made to its American investors following short-seller Hindenburg’s report, a Bloomberg report said

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Adani group stocks tumbled on June 23 on reports of the ports-to-power conglomerate facing further scrutiny by the US attorney’s office and market regulator the Securities and Exchange Commission.

The authorities are looking into the representations that Adani made to its American investors following short-seller Hindenburg’s report, a Bloomberg report said.

At noon, flagship Adani Enterprises was down 6 percent at Rs 2,254 on NSE and Adani Ports was quoting at Rs 715, 4 percent lower from the previous close. Adani Wilmar, Adani Power and Adani Transmission were down 3-5 percent.

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Following this shave off, the total market capitalisation of the group, which also includes ACC, Ambuja Cements and NDTV, is now below Rs 10 lakh crore.

According to reports, the group is also looking to raise about $3.5 billion through an equity share sale to institutional investors. This is why the company met investors in the US.

The fundraise, which will go towards meeting the capital expenditure needs of the group, is likely to be completed within the second quarter (July-September) of the current fiscal. GQG Partners, which invested $1.87 billion in four Adani group companies in the first week of March, too may join, reports said.

US short-seller Hindenburg Research in a January 24 report accused the  Gautam Adani-led group of fraud and stock manipulation, a charge denied by the Indian conglomerate. Following this, the group’s market capitalization had eroded down to Rs 7.5 lakh crore.

A Supreme Court-appointed panel found no evidence of stock price manipulation in the group companies. The court has also set August 14 as the deadline for the Securities and Exchange Board of India to submit its report into the Adani group investigation following the Hindenberg report.