Mumbai/New Delhi:

The capital markets regulator Securities and Exchange Board of India (SEBI) said it has observed “unusual price movement in stocks of a business conglomerate” in the past week amid the Adani stocks rout.

“SEBI is committed to ensuring market integrity and to ensuring that the markets continue to have the appropriate structural strength to function in an uninterrupted, transparent and efficient manner as has been the case so far,” SEBI said in a statement today.

Adani group companies saw their share prices extend declines on Friday amid continued selling pressure as well as concern about any systemic impact from disarray triggered by a US short-seller report critical of the group’s finances.

“During the past week, unusual price movement in the stocks of a business conglomerate has been observed. As part of its mandate, SEBI seeks to maintain orderly and efficient functioning of the market and has put in place a set of well-defined, publicly available surveillance measures (including the ASM framework) to address excessive volatility in specific stocks,” SEBI said in the statement. It did not name Adani group.

“This mechanism gets automatically triggered under certain conditions of price volatility in any stock,” the regulator said.

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