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Analysts expect volatility to persist in Adani counters until clarity emerges on the development.An Adani Group spokesperson said the conglomerate was not aware of its investors being subpoenaed.
Foreign portfolio investors, or FPIs, sold shares worth a provisional ₹1,030.90 crore while domestic institutional investors (DIIs) offloaded shares worth ₹365.20 crore on 19 June.
The over $2 billion investment by US investment firm GQG Partners since March and findings of a Supreme Court-appointed panel on 19 May that no prima facie case of wrongdoing could be made out against the Group, drove bears to slash positions, say analysts.
Shah added that 700 properties have been demolished in Dahod city with some issued notices under the provision of the Gujarat Municipalities Act. However, some properties, such as Nagina Masjid, were not issued any such notice.