Adani Enterprises to be dropped from Dow Jones sustainability indices
PTI, Feb 3, 2023, 11:47 AM IST
Representative Image (credit: PTI / File)
New Delhi: 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 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.
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.
Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.
Top News
Related Articles More
China lifts restrictions, gives all clear nod for Tesla cars as Musk lobbies hard in surprise visit to Beijing
Indian markets rebound sharply on buying in bank stocks, firm global trends
Markets rebound in early trade amid global rally, buying in ICICI Bank and Reliance
Elon Musk in Beijing amid efforts to promote Tesla’s autonomous driving tech
Corporate earnings, US Fed interest rate decision to drive markets in holiday-shortened week: Analysts
MUST WATCH
Latest Additions
ISRO releases ISSAR 2023 report on vulnerability of space assets to collisions
Hunasagi: MLA Bairati Basavaraj’s car overturned
No CM can remain absent for long, it’s against national interest: Delhi HC on Kejriwal
Cricket for the Blind: A Transformative Journey Empowering Visually Impaired Athletes
China lifts restrictions, gives all clear nod for Tesla cars as Musk lobbies hard in surprise visit to Beijing