In more trouble for embattled businessman and Adani Group Chairman Gautam Adani, the Securities and Exchange Board of India (SEBI) has issued a show-cause notice to the Adani Energy Solutions, alleging "wrongful categorisation of certain investors as public shareholders under its minimum shareholding norms", Zee Business reported.
Pertinent to note that the issuance of show-cause notice comes after the US-based research firm Hindenburg, earlier this year, alleged that SEBI Chairperson Madhabi Puri Buch had a stake in "offshore entities used in Adani money siphoning scandal". However, the charges were repeatedly denied by the firm.
Meanwhile, Adani Energy Solutions, a power transmission company, has confirmed the receipt of the show-cause notice by SEBI.
Adani shares take a hit
Following the show-cause notice issued to the firm, the shares of Adani Energy Solutions Limited (ADANIENSOL) continued to fall for the fifth day in a row on Friday, i.e., October 25.
Adani Energy Solutions shares ended 5.7 per cent lower at Rs 920.2 apiece on Bombay Stock Exchange (BSE), logging a weekly fall of 11.9 per cent, as reported by Zee Business.
