Adani Ports and Special Economic Zone, Adani Transmission Ltd and Adani Green Energy Ltd have pledged shares to SBICAP Trustee Co, a unit of India’s biggest state lender, State Bank of India.
After US-based short-seller Hindenburg Research came out with an adverse report about the Adani Group on January 24, shares of the group companies have taken a beating on the bourses. The Adani group, controlled by billionaire Gautam Adani, has lost more than $100 billion in market value since Jan. 24.
Earlier, MSCI Inc said it has received feedback from a range of market participants concerning the eligibility and free float determination of specific securities associated with the Adani Group for the MSCI Global Investable Market Indexes (GIMI).
MSCI defines the free-float of a security as the proportion of shares outstanding that is considered available for purchase in the public equity markets by international investors.
Hindenburg Research accused the group of stock manipulation and improper use of offshore tax havens. The conglomerate has rejected the firm’s findings and denied any wrongdoing.
India’s market regulator, the Securities and Exchange Board of India, is investigating the Adani group’s links to some of the investors in the conglomerate’s aborted share sale, sources told Reuters on Friday.
