Adani Energy shares tumble 4% on Sebi notice for alleged misclassification of shareholding

Shares of Adani Energy Solutions fell by 4% in an early trade to their day’s low of Rs 975 on the BSE after the company received a show-cause notice (SCN) from the Securities and Exchange Board of India (SEBI) during the September quarter for the wrongful categorization of shareholders.

Without disclosing further details, the company mentioned the receipt of the SCN in its exchange filing for the September quarter results.

“During the current quarter, a show cause notice has been received alleging wrongful categorisation of shareholding of certain entities as public shareholding and consequences therefrom. The company will respond to the regulatory and statutory authorities by providing information, responses, documents and/or clarifications, as applicable, in the due course of time,” the company said in its disclosures.

The company also stated that it received another SCN from SEBI in the March quarter related to the validity of peer review certificates from one of its former statutory auditors concerning an earlier period. The management has responded to that query from SEBI.

Earlier in June, the Adani Group’s CFO described SEBI notices sent to its half a dozen listed companies as “procedural” and stated that the conglomerate was compliant with regulations.

In May, seven of the ten listed Adani Group firms disclosed that they had received show-cause notices from SEBI for alleged violations of related party transactions and non-compliance with listing regulations.On Tuesday, Adani Energy Solutions’ shares closed at Rs 1,012.50, down 0.5% on the NSE, while the benchmark Sensex rose 1.15%. The shares have declined 4% year-to-date and 69% over the past two years, with the company currently holding a market capitalization of Rs 1,21,635 crore.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)

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