More trouble for Adani as SEBI sends show-cause notice to Adani Energy Solutions; shares bleed

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In much occupation for embattled businessman Gautam Adani, Adani Energy Solutions received a show-cause announcement from superior marketplace regulator Securities and Exchange committee of India (SEBI) this week. The marketplace watchdog has alleged wrongful categorisation of definite investors arsenic nationalist shareholders nether its minimum shareholding norms.

SEBI's show-cause announcement to Adani Energy Solutions is aligned with immoderate of the barrage of superior allegations leveled by US-based probe steadfast Hindenburg against the conglomerate, which has repeatedly denied the charges.

Adani Energy Solutions, a powerfulness transmission company, has confirmed the receipt of the show-cause notice. The institution is portion of a conglomerate often considered excessively diversified by galore analysts Additionally, SEBI's announcement comes astatine a clip erstwhile SEBI Chairperson Madhabi Puri Buch herself has denied a bid of superior charges against her by Hindenburg this year.

Adani Energy Solutions has besides confirmed that SEBI's announcement is related to the regulator's minimum nationalist shareholding norms.

Investors carnivore the brunt of atrocious news, yet again...

Adani Energy Solutions (ADANIENSOL) shares continued to autumn for the 5th time successful a enactment connected Friday successful much occupation for investors aft the October 22 disclosure mentioning SEBI's show-case notice.

On Friday, Adani Energy Solutions shares ended 5.7 per cent little astatine Rs 920.2 apiece connected BSE, logging a play autumn of 11.9 per cent.

The sustained autumn successful the Adani radical stock, which rendered investors poorer by Rs 14,974 crore successful conscionable 5 days, comes contempt Adani Energy Solutions reporting a 172 per cent summation successful nett net to Rs 773 crore for the July-September period.

The marketplace capitalisation (mcap)—or marketplace value—of Adani Energy Solutions declined by Rs 14,974 crore to Rs 1,10,536 crore, arsenic of October 25, according to provisional speech data.

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