The Supreme Court rejected the central government's "sealed” cover proposal for a panel to bolster regulatory safeguards and defend investors in the wake of the collapse of the Adani stock, stating that it preferred "full transparency" in the situation.
The court had requested suggestions last week regarding the creation of an expert panel, including a judge, to investigate the effects of the fraud allegations against the Adani Group, which have destroyed millions of dollars' worth of investor wealth and sparked vehement opposition attacks on the government
Stock turmoil continues
Most stocks within Adani Group came in for a fresh round of selling on Monday with Adani Transmission, Adani Green Energy and Adani Total Gas closing at the 5% lower limit while Adani Enterprises, the group flagship, ending with nearly 6% loss on Monday. In contrast, Adani Power went up by another 5%, since abandoning its £701.7 million -crore buyout of DB Power.
At an aggregate level, the group’s market value continued to dip (£2.49 billion loss on Monday) with the combined market capitalisation of all the 10 companies at £83 billion, nearly 57% or £109 billion down from January 24. Late on that day Hindenburg Research, a US-based short-seller published a damning report alleging the group of accounting fraud, stock price manipulation and corporate malfeasance. Although the group denied all allegations, the stocks prices have been on a southward journey —now in its fourth week.