The Supreme Court (SC) on March 2 directed the Security Exchange Board of India (SEBI) to carry out an investigation if there are any violations of the Securities Act.
The top court has also constituted an expert committee for the probe, which shall be headed by the retired judge Justice Sapre.
The other committee members are OP Bhatt, KV Kamath, Nandan Nilekani, and Somsekhar Sundaresan.
As per the SC order, SEBI is also required to investigate whether there is a violation of norms on the manipulation of share prices and a failure to disclose related party transactions.
With this development, some shares of Adani Group trimmed gains as Adani Enterprises was up a per cent at Rs 1,580 as against the day's high of Rs 1,646. On the other hand, Adani Ports was up 0.4 per cent at Rs 604, from a high of Rs 617 on the Bombay Stock Exchange (BSE).
However, shares of Adani Power, Adani Green, Adani Transmission, and Adani Wilmar were locked at their respective 5 per cent upper limits.
Ever since the US-based Hindenburg Research released its report in January, the Adani Group stocks diving as the group's total market cap has eroded by over $130 billion.
Additionally, as per Bloomberg Billionaires Index, Gautam Adani's wealth has diminished by $77.5 billion in 2023 alone.
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