The Adani vs Hindenburg saga has led to a crash for the conglomerate's stocks, but at the same time the fiasco has also triggered uncertainty about its impact on the market. Gautam Adani had to announce the cancellation of India's biggest FPO ever, citing volatility in the market, while his firm's market value dipped by more than $120 billion. Amidst calls for an investigation into the matter, market regulator Securities and Exchange Board of India (SEBI), has issued a statement.
Assuring investors, SEBI referred to unusuak price movement in stocks of a business conglomerate in the past week, without naming the Adani Group. It further added that surveillance measures have been deployed to address excessive fluctuations in specific stocks, to ensure orderly functioning. Reiterating its commitment towards the integrity and structural strength of the market, SEBI added that any information brought to their notice will be examined before taking appropriate action.
Apart from SEBI's increased monitoring, Adani stocks are also under additional surveillance by BSE and NSE, which means that full upfront payment will be needed for trading in its assets.
