Adani Group’s Flagship Firm Adani Enterprises to Be Dropped From Dow Jones Sustainability Indices From February 7 Following Allegations of Accounting Fraud
New Delhi, Feb ruary3: S&P Dow Jones has said it will remove Adani Group’s flagship firm Adani Enterprises from sustainability indices with effect from February 7 following a media and stakeholder analysis triggered by allegations of accounting fraud.
The move comes amid leading stock exchanges BSE and NSE putting three Adani Group companies — Adani Enterprises, Adani Ports and Special Economic Zone and Ambuja Cements — under their short-term additional surveillance measure (ASM) framework. Adani Enterprises Continue With Losses After Share Price Dropped, Other Group Firms Follow Suit.
TMC MP Mahua Moitra Questions NSE About Adani’s Removal from Indian Market:
S&P Dow Jones removes Adani Enterprises from Dow Jones indices due to charges of stock manipulation & accounting fraud.
Why is @NSEIndia not reevaluating index membership of Adani stocks when international ones are? pic.twitter.com/nnL3WK1esM
— Mahua Moitra (@MahuaMoitra) February 3, 2023
“Adani Enterprises will be removed from the Dow Jones sustainability indices following a media and stakeholder analysis triggered by allegations of accounting fraud,” S&P Dow Jones Indices said in a statement. It will make the changes to the Dow Jones sustainability indices, effective prior to the opening on February 7.
Shares of Adani Enterprises were trading 15 per cent lower on the BSE in the morning trade on Friday. The counter had plunged over 26 per cent on Thursday and more than 28 per cent on Wednesday. The 10 listed Adani Group firms have faced a combined erosion of over Rs 8.76 lakh crore in past six trading sessions. Adani Group Companies Shares See Further Sell-Off Days After Hindenburg Report.
On Wednesday, Adani Enterprises said it will not go ahead with its Rs 20,000-crore Follow-on Public Offer (FPO) and will return the proceeds to investors.
Adani Group stocks have taken a beating on the bourses after US-based Hindenburg Research made a litany of allegations in a report, including fraudulent transactions and share price manipulation at the Gautam Adani-led group. Adani Group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements.
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