The NSE also placed Monarch Networth Capital , one of the 10 underwriters of Adani Enterprises' botched share sale, under additional surveillance. The Ahmedabad-based brokerage was responsible for "non institutional marketing", according to the Adani share sale document. Hindenburg had flagged Monarch in its research report for conflict of interest. Monarch was not immediately available for comment outside regular business hours. Last year, Adani Group acquired Ambuja Cements Ltd and ACC from Holcim AG to enter the business. The group has denied the short-seller's accusations, saying the allegation of stock manipulation had "no basis" and stemmed from an ignorance of Indian law. Market losses in the group companies swelled to more than $100 billion on Thursday, a day after its flagship company abandoned the fully subscribed $2.5 billion stock offering. Adani Enterprises tumbled 27%, closing at their lowest level since March 2022.
Other group companies also lost more ground. Adani Ports and
Special Economic Zone shed nearly 7%, while Ambuja closed up
5.5% after losing nearly 17% in the previous session.
Adani Group did not immediately respond to a request for
comment on the exchange's latest decision.
(Reporting by Jayshree in Mumbai, Nallur Sethuraman in
Bengaluru; Editing by Dhanya Ann Thoppil and Sriraj Kalluvila)
