The shares of the Adani group of companies fell by 5-25 percent this morning
Business journalist Sucheta Dalal was trending this morning after Twitter users attributed a pointy visit shares of Adani group of companies to a tweet by her, hinting at “scandal” involving possible rigging in favour of stock prices of a bunch of companies. Dalal didn’t name any company in her tweet.
Another scandal hard to prove outside the recording machine of knowledge available with SEBI tracking systems is that the return of an operator of the past who is relentlessly rigging prices of 1 group. at some stage in foreign entities! His speciality & that of a former FM. Nothing changes!
The shares of the Adani group fell by 5-25 percent this morning after the National Securities Depository froze the accounts of three foreign funds that have high stakes within the company.
Economic Times' reasoning for the drop was way more prosaic: the now frozen funds have an investment of Rs 43,500 crore within the Adani group of companies. The accounts were frozen on or before May 31, the report added, possibly thanks to "insufficient disclosure of knowledge regarding beneficial ownership". Consequently, the shares of Adani Enterprises fell by 20 percent, its sharpest fall in 10 years, and Adani Ports by 19 percent
On Twitter, though, the memes and jokes kept coming, connecting these seemingly unconnected events. Sucheta Dalal, for those unfamiliar, is credited with unearthing the 1992 securities scam involving the late Harshad Mehta.
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