Mumbai: Amid Adani stock crash, capital market regulator Securities & Exchange Board of India (SEBI) on Saturday said that it has unusual price movement in the stocks of a business conglomerate. The regulator also said, it is committed to ensuring market integrity and to ensuring that the markets continue to have the appropriate structural strength to function in an uninterrupted, transparent and efficient manner as has been the case so far.
“During the past week, unusual price movement in the stocks of a business conglomerate has been observed. As part of its mandate, SEBI seeks to maintain orderly and efficient functioning of the market and has put in place a set of well defined, publicly available surveillance measures (including the ASM framework) to address excessive volatility in specific stocks. This mechanism gets automatically triggered under certain conditions of price volatility in any stock” SEBI said without mentioning Adani group.
“Further, in all specific entity related matters, if any information comes to SEBI’s notice, then, as per extant policies, the same is examined and after due examination, appropriate action is taken. SEBI has consistently followed this approach on entity level issues and would continue to do so in future as well. SEBI is committed to ensuring market integrity and to ensuring that the markets continue to have the appropriate structural strength to function in an uninterrupted, transparent and efficient manner as has been the case so far” it added.
Shares of Gautam Adani-led Adani group firms have lost more than half their market value, or in excess of $100 billion combined, after US short-seller Hindenburg Research raised allegations about high debt levels, stock manipulation and accounting fraud.