News

– Impugned Transactions Not Manipulative / Fraudulent As No Allegation Of Siphoning Off Of Money Or Diversion Of Funds

– Impugned Transactions Not Manipulative / Fraudulent As All Money Came Back Before Probe Began

– Adicorp Not A Related Party Of Adani Enterprises, Adani Ports & SEZ, So No SEBI Rules Violated

– SEBI Regulations In Effect At Time Of Transactions Don’t Cover Transactions Between Unrelated Parties

– No Basis To Charge Adani Enterprises, Adani Ports & SEZ With Violations Of Prohibition Of Fraudulent & Unfair Trade Practices Regulations

Brokerage firm Morgan Stanley has initiated coverage on Adani Power with an “Overweight” rating and a price target of ₹818.

The price target implies a potential upside of 29% from Thursday’s close.

The SEBI order highlighted that there are no basis to charge Adani Enterprises and Adani Ports with violations of prohibition of fraudulent and unfair trade practices regulations.

Multiple listed entities of the Adani Group, including the two Nifty 50 names – Adani Ports and Adani Enterprises, along with broader market entities such as Adani Power, Adani Energy Solutions, Adani Green Energy, Adani Power, and Adani Total Gas are likely to see a reaction in Thursday’s trading session.

Market regulator Securities and Exchange Board of India (SEBI) on Thursday evening, gave a clean chit to the Adani Group and its top executives on some allegations made by short seller Hindenburg Research, as it found no violation of laws, fraudulent practices, market manipulation or insider trading.

Details of the SEBI order to follow in subsequent posts.

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