Ahmedabad Crime Branch investigating investors application against media reports on Adani

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Gandhinagar, Oct 21 | The Ahmedabad police’s Crime Branch, looking into an application filed by three stock investors claiming misleading news reports on Adani Group led to a huge loss on their investment and alleging a conspiracy behind it, has summoned four journalists from two media houses, including an editor.

Certain investors from Ahmedabad filed an application before the Crime Branch alleging a nationwide conspiracy to cheat investors of the country by publishing misleading and untrue and unverified story about suspicious shareholding of FPIs in the Adani Group.

“Under the provisions of Section 160 of the CRPC, the investigation officer can issue summons and in that context, we summoned the anchor of the a leading news channel as well as three journalists of a leading financial newspaper, including an editor, regarding the application filed by three Ahmedabad investors who claimed to have been inflicted with a huge loss due to the misleading news stories regarding Adani Group,” Investigation Officer, Police Inspector Nikhil Brahmbhatt of Ahmedabad Crime Branch told IANS.

“The Crime Branch has recorded the statements of all the four journalists as well as stock exchange official regarding the application. We are looking into the application and investigating whether a conspiracy was hatched by the TV media outlets with clear intentions and other concerns related to it. If the ACB finds any merit to the claims made in the application, then we’ll be filing a formal complaint against the media outlets,” he added.

The application was filed based on news item broadcast on the above subject by the channel as well as the newspaper, said police. According to the application, there seemed to be a conspiracy being hatched against the investors of the country by broadcasting “misleading and unverified news” on that day.

The application said that the shares of Adani Group of companies fell drastically, thereby causing loss to the investors. Certain investors from Ahmedabad suffered huge monetary loss due to such “misleading campaign” carried out by the news channel, the plea said.

Source: IANS

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Share Market Closing Bell: Nifty ends below 16,100, Sensex falls 303 pts

Share Market Closing Bell: Nifty ends below 16,100, Sensex falls 303 pts

Dalal Street found no relief with incessant sell off during the month. Nifty traded on a bearish note and ended at 16025.80 with loss of 99.35 points or 0.62 percent following weak global cues on Wednesday. While Banknifty closed at 34339.50 on the higher side with marginal gain of 49.35 points.

bhaskarlive market closing

The weakness in US stocks is playing out globally with signs of higher inflation, which has spoiled investors’ appetite for the Indian market as well. Rising India VIX to 25.28 has led Indices to big intraday swings on both sides. Sectorally maximum sectors closed on the negative side as Nifty IT and Nifty Media sheds more than 3 percent each. While Nifty Financial Services ended on a positive side gaining 0.68 percent.

In nifty stocks, NTPC, HDFCLIFE, SBILIFE were the top gainers while ASIANPAINT, ADANIPORT and TECHM were the prime laggards. Coming to the OI Data, on the call side highest OI witnessed at 16200 followed by 16300 strike price while on the put side, the highest OI was at 15800 strike price. Technically, Nifty has formed three black crow patterns in the daily chart suggesting bearishness would remain intact. We expect a rise in volatility as well on monthly expiry day.

Riding against the trend may not be beneficial for short term traders. All major moving averages are lying above 16300 levels. Indicators such as MACD and RSI are still struggling to overcome the oversold zone in the daily time frame. Overall, Nifty is having support at 15800 mark while on the upside 16300 may act as an immediate resistance for monthly expiry. While Banknifty has support around 33500 while resistance is placed at 35200 on the daily chart.

Om Mehra
Research Associate
Choice Broking

Source: Choice India

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