India's market regulator is set to brief the federal government on its investigation into Adani group's shelved share sale, two sources said, thrusting the watchdog into the limelight in a week when its laws also face scrutiny by the nation's top court.
The Securities and Exchange Board of India has been probing the group's market rout, including examining trade patterns and any potential irregularities in the $2.5 billion share sale of flagship company Adani EnterprisesThe SEBI board will update finance ministry officials on its investigation on Feb. 15, the sources said, on condition of anonymity as they are not allowed to speak to the media.
Last week, Moody's downgraded the ratings outlook for some Adani group companies, while index provider MSCI said it would cut the weightings of some in its stock indexes.an independent evaluation of issues relating to legal compliance, related party transactions and internal controls following the Hindenburg report.
On Monday, all stocks of the Adani group remained under pressure. Adani Enterprises fell 3%, while Adani Total Gas
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