Adani Enterprises shares fall 3% as SEBI stays Adani Wilmar IPO

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Market regulator SEBI has “kept in abeyance” the 4,500-crore initial public offering of the agro-commodity company due to an investigation that is pending against the flagship entity of ports-to-energy conglomerate Adani Group.

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Adani Enterprises share price was trading lower by over 3 percent intraday on August 23 after market regulator SEBI held Adani Wilmar IPO due to an investigation against Adani Enterprises.

Market regulator SEBI has “kept in abeyance” the 4,500-crore initial public offering of the agro-commodity company due to an investigation that is pending against the flagship entity of ports-to-energy conglomerate Adani Group.

Also read: SEBI holds Adani Wilmar IPO due to investigation against Adani Enterprises

Adani Enterprises owns 50 percent of Adani Wilmar, which makes the popular edible oil brand ‘Fortune’.

“As regards the query raised by you about the FPI, we would like to mention that we have communicated to media and public at large that the group has no connection with the FPIs, either directly or indirectly. Unfortunately, the media is repeatedly raising the issue time and again misleading the investing community. FPIs are investors like other investors/shareholders in Adani Group and act independently – having no relationship with Adani Group,” a spokesperson said.

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The stock was trading at Rs 1,382.10, down Rs 45.35, or 3.18 percent at 10:10 hours. It has touched an intraday high of Rs 1,428.30 and an intraday low of Rs 1,362.20.