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Six entities under lens for suspicious trading in Adani shares:
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Print Six entities under lens for suspicious trading in Adani shares: Supreme Court panel
Six entities including four foreign portfolio investors are under the lens for suspicious trading in Adani Group shares prior to the release of the damning Hindenburg report, the Supreme Court-appointed expert committee said.
There was a build up of short positions in the Adani scips prior to the January 24 release of the Hindenburg report, and substantial profits were booked thereafter as stocks crashed, the 178-page report said.
The expert committee headed by former SC Judge A.M. Sapre found no regulatory failure during the sharp rise in prices of Adani Group companies between March 2000 and December 2022 and their dramatic meltdown after January 24.
“The trading pattern here is suspicious because of the build up of short positions by these entities in the Adani scrips prior to the Hindenburg report, and substantial profits earned by them by squaring off their short positions after publication of the Hindenburg report on January 24, 2023,” the expert committee said. A detailed investigation is being carried out in respect of the trading of the six entities.
The ED “found intelligence about potentially violative and concerted selling by specific parties just ahead of the publication of the Hindenburg report, and this may lead to credible charges of concerted destabilisation of the Indian markets, and SEBI ought to be probing such actions under securities laws,” it said citing a response from ED.
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