India's market regulator on Saturday said that Indian financial markets remain stable and continue to function in a transparent and efficient manner.
The statement by the Securities and Exchange Board of India comes amid a rout in shares of the Adani group and follows a similar assurance from the central bank which said that the banking sector remained stable.
"During the past week, unusual price movement in the stocks of a business conglomerate has been observed," the regulator said without naming any specific entity. It said mechanisms are in place to address excessive volatility in specific stocks, adding: "This mechanism gets automatically triggered under certain conditions of price volatility in any stock."
Any matters related to specific entities will be examined and appropriate action will be taken after due examination, the regulator said.
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