India's market regulator is examining a recent crash in shares of Adani Group and looking into any possible irregularities in a share sale by its flagship company, a source with direct knowledge of the matter told Reuters on Wednesday.
, extending losses in seven listed companies to $86 billion in the wake of a U.S. short-seller report.in a dramatic reversal, citing market conditions.SEBI is undertaking a full-scale examination of the fall in shares, the source said, declining to be identified as the matter is confidential.
The share plunge was sparked by a report by Hindenburg Research last week which alleged improper use by the Adani Group of offshore tax havens and stock manipulation. It also raised concerns about high debt and the valuations of the seven listed Adani companies.
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