Adani shares slide up to 15% after SEC moves court to serve direct summons

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The selloff wiped out over ₹1.1 trillion in market capitalisation, nearly a tenth of the Adani group's listed value.

(REUTERS)

lishing of the damning report by now-shuttered American short-seller Hindenburg Research. The report, which alleged financial manipulation at the Adani Group, had resulted in nearly all of the group stocks touching the lower circuit.

The Adani Group had denied all allegations made by Hindenburg.

On Thursday, the US Securities and Exchange Commission (SEC) asked a federal court for permission to personally email summons to billionaire Gautam Adani and his nephew, Sagar Adani, after the US market regulator claimed that India’s ministry of law and justice rejected its request twice in the last 14 months.

American laws require that the summons and a copy of the complaint be delivered in person to the accused to apprise them of the case against them.