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S&P Dow Jones Indices has said Adani Enterprises will be removed from the Dow Jones Sustainability Indices due to recent allegations of stock manipulation and accounting fraud that were levelled against the conglomerate.
Get latest articles and stories on Business at LatestLY. S&P Dow Jones Indices has said Adani Enterprises will be removed from the Dow Jones Sustainability Indices due to recent allegations of stock manipulation and accounting fraud that were levelled against the conglomerate. Business News | Adani Enterprises to Be Removed from Dow Jones Sustainability Indices.
This announcement by S&P Dow Jones Indices comes a week after a report by a US-based Hindenburg Research, which surfaced on January 24, claimed the Adani Group of having weak business fundamentals, allegations of stock manipulation and accounting fraud, among others.
The S&P Dow Jones is removing Adani from its index, further adding to the Indian conglomerate’s mounting woes.
This news became public a day after the National Stock Exchange put three Adani stocks – Adani Enterprises, Adani Ports and Ambuja Cements – under the additional surveillance measure.