India top court orders probe into allegations against Adani Group

India's top court has asked the market regulator to investigate any possible lapses in securities law or other regulatory disclosures by the Adani Group which has been accused of business malpractice by a United States-based short seller.

The Supreme Court on Thursday (Mar 2) also ordered the formation of an investor protection panel amid sharp falls in the Adani Group's shares.

Indian markets regulator SEBI has been investigating a critical January 24 report by Hindenburg Research that alleged the Adani Group improperly used offshore tax havens and manipulated stocks. The conglomerate has denied doing so.

SEBI had previously told the court it was investigating the allegations made in the Hindenburg report and market activity immediately preceding and following its publication.