India’s top court orders probe of Adani business group

ASHOK SHARMA
Associated Press

NEW DELHI (AP) — India’s top court has ordered an investigation into any regulatory failures related to the Adani Group after the conglomerate’s shares plunged due to allegations of wrongdoing by a U.S. short-selling firm. Hindenburg Research’s report accused the Adani Group of companies of market manipulation and other fraudulent practices. That triggered off heavy selling of Adani Group shares, wiping out tens of billions of dollars in market value. An expert committee, headed by a retired judge, is due to investigate and submit its findings within two months. The Adani group denies any wrongdoing. In a tweet Thursday, it welcomed the court order, saying the probe would help bring “finality” to the situation.