Adani stocks tumble on US inquiry concerns; group losses Rs 48k cr in m-cap

During the week, the Adani group lost $9 billion in market cap - most in nearly four months

Adani firms’ combined market capitalisation declined by nearly Rs 48,000 crore to below Rs 10 trillion, following reports that US authorities had opened an inquiry into statements made by the group during its investor meetings.

The US Attorney’s Office in Brooklyn, New York, has sent inquiries in recent months to institutional investors with large holdings in Adani group stocks, according to a Bloomberg report, which quoted a person familiar with the inquiries. The requests for information were focused on what the Adani group told those investors, said the person, who asked not to be identified because the probe isn’t public. The Securities and Exchange Commission also has a similar probe underway, the report said quoting two others. 
Following the report, an Adani group spokesperson, in a statement, said: “We strongly reject any suggestion that the Adani group and its businesses have not acted as per the regulations and accounting standards of the jurisdictions in which they operate.”