Adani Energy Solutions' Shares Dip 4% Post SEBI Notice

23 Oct 2024 , 11:57 AM

Adani Energy Solutions‘ shares dropped 4% in early trading to a day’s low of Rs 975 on the BSE following the company’s receipt of a show-cause notice (SCN) from the Securities and Exchange Board of India (SEBI) for incorrectly classifying shareholders during the September quarter.

In its exchange statement for the September quarter results, the company noted the receipt of the SCN without providing any other information.

“A show-cause notice was received during the current quarter, alleging that some entities’ shares were incorrectly classified as public shares and the resulting repercussions.

“The company will provide information, responses, documents, and/or clarifications, as applicable, to regulatory and statutory authorities in a timely manner,” the company stated in its disclosures.

Additionally, the business reported that in the March quarter, SEBI sent it another SCN regarding the validity of peer review certifications from one of its former statutory auditors for a previous period. The management has answered SEBI’s question.

The CFO of Adani Group said earlier in June that the SEBI letters delivered to its six listed firms were “procedural” and that the conglomerate complied with the rules.

Seven out of ten listed Adani Group companies revealed in May that they had been issued show-cause notices by SEBI for allegedly breaking related party transactions and failing to comply with listing requirements.

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