Why are Adani shares falling?
Table of Contents
Among the Adani group companies, Adani Power has witnessed the sharpest decline — a 52 per cent fall from its 52-week high hit on June 9, 2021. All the group stocks hit their 52-week highs in May-June 2021. The sharp decline began after heavy selling pressure following a report that was later denied by the group.
Who is former FM Sucheta Dalal?
Sucheta Dalal (born 1962) is an Indian business journalist and author. She has been a journalist for over two decades and was conferred Padma Shri for journalism in 2006. She was the Financial Editor of the Times of India until 1998.
What did Sucheta Dalal?
Dalal is famous for her reportage which exposed the 1992 Harshad Mehta securities scam. The three foreign funds – Albula Investment Fund, Cresta Fund, and APMS Investment Fund – together own a Rs. 43,500 crore worth of shares in the company.
Who is the husband of Sucheta Dalal?
Debashis Basu
Sucheta Dalal/Husband
Complete Story of Fall of Adani Shares after Sucheta Dalal’s Tweet: This month has particularly not been ideal for shareholders of Adani. With investigations underway for the possibility of rigging the shares of Adani have taken a tumble. To make matters worse for them, fortunately even Sucheta Dalal has entered the chat!
Why Adani’s share price is falling?
The reason for the fall was the National Securities Depository Limited (NSDL) freezing 3 Foreign fund accounts that held shares of Adani companies worth Rs 43,500 crore. These foreign funds namely Albula Investment Fund, Cresta Fund, and APMS Investment Fund are all registered in Port Louis, Mauritius.
What is Sucheta Dalal’s tweet about SEBI case all about?
On 12th June, Sucheta Dalal tweeted, “Another scandal hard to prove outside the black box of information available with SEBI tracking systems is the return of an operator of the past who is relentlessly rigging prices of one group. All through foreign entities! His specialty & that of a former FM. Nothing changes!”
What is the Adani Group known for?
Over the last few years, the Adani conglomerate has grown to become one of the biggest players among Indian businesses. The group’s diverse businesses include industries like energy, infrastructure, mining, defense, logistics, etc which bring in a revenue of $13 billion annually.