A public interest litigation (PIL) has been filed with the Supreme Court against US short-seller Hindenburg Research seeking an investigation. Advocate ML Sharma filed the plea on Friday. The petition claims that the short-seller "deliberately" released concocted news against the Adani Group before its FPO, which was finally withdrawn despite being fully-subscribed.

Share Market Live

NSE

The corporation needs to be investigated for causing investor loss and levied a penalty, Sharma said. The plea seeks compensation for investors who suffered losses due to a crash in stock price.

Sharma claims that "fraud" has been committed against those who had invested in the companies under Adani Enterprises. Adani Group's market cap has halved since January 24 and has fallen below Rs 10 lakh crore.

Sharma's plea also demands measures to curb further wealth erosion of investors.

This is a developing story.

First Published:Feb 3, 2023 12:52 PM IST