Adani-Hindenburg saga: Sebi seeks details on loans, securities of Adani Group companies from rating agencies

Adani-Hindenburg saga: Capital markets regulator Securities and Exchange Board of India (Sebi) has asked credit rating agencies to share details of all ratings of local loans and securities of Adani Group companies.

Shares of 10 Adani Group's listed companies have tanked between 21 to and 77 per cent since the US-based short-seller Hindenburg Research in a report, dated January 24, accused the Ahmedabad headquartered conglomerate of stock price manipulation and fraud.

The report also raised concerns about the group's debt and excessive valuations. Hindenburg has said it had taken short positions in Adani's US traded bonds and non-Indian traded derivatives.

Adani Group, however, has categorically denied the allegations, saying the short-seller's narrative of stock manipulation has 'no basis' and stems from an ignorance of Indian law.

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Earlier this month, Morgan Stanley Capital International (MSCI) changed the free float status of 4 Adani securities -- Adani Enterprises, Adani Transmission, Adani Total Gas and ACC. Free float is the proportion of shares that can be bought publicly in the securities markets by international investors.

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All Adani group stocks bleed; a look at latest in Adani vs Hindenburg