Adani Ent dips 4% on reports SC stays Bombay HC ruling in coal import case
Shares of Adani Enterprises slipped as much as 4.6 per cent to Rs 194.65 on the BSE on Wednesday after media reports suggested that the Supreme Court (SC) has set aside Bombay High Court’s order giving relief to the firm in the coal import case.
According to business channel CNBC TV18, the SC has sought reply from Adani Enterprises on plea by Directorate of Revenue Intelligence (DRI) alleging over invoicing of imported coal.
In October 2019,the Bombay High Court had quashed all Letters Rogatory (LRs) sent by the DRI to Singapore and other countries in its probe of Adani group firms for alleged overvaluation of Indonesian coal imports.
The court had said that while it did not go into merits of LRs issued by a metropolitan magistrate, it found that no due procedure had been followed while issuing them.
