'Unusual price movement in stocks of a business conglomerate': SEBI amid Adani stocks rout

In an apparent reference to the Adani group, the Securities and Exchange Board of India (SEBI) said "that unusual price movement in the stocks of a business conglomerate" has been observed during the past week and that it is committed to ensuring market integrity.

A SEBI press release said that the Indian financial market as represented by Sensex and Nifty has demonstrated ongoing stability and is continuing to function in a transparent, fair and efficient manner.

SEBI said on a longer-term basis also, Indian markets have been viewed positively by investors.

A cross-country comparison of dollar-adjusted market returns with both peer and developed countries during the past three years till date, places "the Indian Market as a positive outlier," the regulatory body said.

"SEBI has consistently followed this approach on entity-level issues and would continue to do so in future as well. 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," the statement said.