Adani Group premises raided in Himachal Pradesh by excise sleuths

Adani Group News: The Department of State Taxes and Excise, Himachal Pradesh, has raided several premises linked to the Adani Group across the state. According to details available with Zee Business, the team of the South Enforcement Zone of the Excise Department arrived at establishments on Wednesday evening and are scanning account records. The officials checked documents in the godowns the whole night.

The development assumes significance as it comes in the backdrop of the US-based short-seller Hindenburg Research's adverse report about Adani Group.

Earlier, index provider Morgan Stanley Capital International (MSCI) said that it was reviewing the free float status of Adani Group securities after the market participants raised concerns about the eligibility of companies in the ports-to-power conglomerate. 

Meanwhile, shares of Adani Power fell 5 per cent to 172.90 apiece on BSE in early deals, after the company on Wednesday reported a 96 per cent decline in consolidated net profit at Rs 8.77 crore for the December quarter. Edible oil major Adani Wilmar Ltd edged lower by 1.79 per cent to 411.85 per scrip, despite the company reporting a 16 per cent increase in its consolidated profit to Rs 246.16 crore for the third quarter ended December 2022. Adani Group's flagship Adani Enterprises was trading 5.56 per cent down at Rs 2038.55 apiece on BSE.

According to the RBI, domestic banks' exposure to the Adani Group is "not very significant", and the system is strong and large enough to not get impacted by a single case.

In another related development, France's TotalEnergies has put on hold a planned investment in Adani Group's USD 50 billion hydrogen project pending results of an audit launched following allegations by a US short-seller, chief executive Patrick Pouyann? said on Wednesday.

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