Home / Business and Economy / Adani Stocks Tumble as SEC Pursues Gautam Adani
Adani Stocks Tumble as SEC Pursues Gautam Adani
23 Jan
Summary
- SEC seeks court approval to serve legal notice to Gautam Adani.
- Summons attempts failed through traditional channels in India.
- Adani Group shares dropped significantly following the news.
Adani Group stocks plummeted on Friday, January 23, after reports indicated the US Securities and Exchange Commission (SEC) is seeking judicial approval for legal notification steps.
The SEC has reportedly asked a US district judge in Brooklyn, New York, to allow alternative methods for serving summons to Adani Group Chairman Gautam Adani and his nephew Sagar Adani.
These requests stem from the regulator's described unsuccessful attempts to deliver the notices through standard channels. The SEC has allegedly sought assistance from the Indian government without success, prompting the pursuit of court-sanctioned alternative routes.
The news significantly weighed on investor sentiment, causing a notable downturn in several Adani Group stocks during the trading session.
