Adani-Hindenburg PILs To Be Heard By The Supreme Court On February 17

Gautam Adani entrepreneur

Adani-Hindenburg PILs To Be Heard By The Supreme Court On February 17, 2023

The PILs regarding the Adani-Hindenburg case will be heard again by the Supreme Court on February 17th, according to a statement released on Monday.

The Center is not opposed to forming a panel to investigate the recent decline in the value of the Adani shares, Solicitor General Tushar Mehta, who is representing the Centre and SEBI, told the Supreme Court.

Following the claim made last month by US-based short-seller Hindenburg, the stock collapse in the Adani Group companies began. Even on Monday, the stocks of the Adani Group companies were down:

Adani Enterprises was down 8%, Adani Total Gas was down 5%, Adani Power was down 5%, and Adani Transmission was down 5%.

Last week, index provider MSCI announced it will reduce the weightings of several in its stock indices while global credit rating agency Moody’s reduced the ratings outlook for some Adani group companies.

Adani Green Energy Ltd, Adani Green Energy Restricted Group, Adani Transmission Step-One Ltd, and Adani Electricity Mumbai Ltd. had their credit ratings lowered by Moody’s.

Adani FPO cancellation

Following extraordinary market volatility, Adani Entreprises withdrew its recently finished Rs 20,000 crore Follow-on Public Offer (FPO) earlier this month.

The company stated in a BSE filing that it was withdrawing the completed transaction and returning the FPO funds in order to protect the interests of its investment community in light of the unusual situation and the present market volatility.

A day after the FPO’s subscription successfully ended, the business decided against moving through with the issuance because of the state of the market.

Adani Group Chairman Gautam Adani gave an explanation of the reasoning behind cancelling the FPO, stating that “the investors’ interests are paramount, hence to protect them from any potential financial losses, the Board has decided not to proceed with the FPO.”

Despite the stock’s recent volatility, he again thanked the investors for their dedication and support of the FPO.

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