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Finance minister Nirmala Sitharaman said financial market regulators will do what is “appropriate” on matters related to the Adani Group, which has been targeted by short seller Hindenburg Research.

The top seven IT services exporters listed in India together posted a fall in headcount as on December 31 from three months earlier, suggesting that the companies that were on a hiring frenzy for several quarters have become cautious amid concerns of a slowdown in their biggest markets.

The Securities and Exchange Board of India (Sebi) said Saturday it has observed an “unusual price movement in the stocks of a business conglomerate” in the past week, without specifically mentioning the Adani Group, and added that it has put in place “surveillance measures to address excessive volatility in specific stocks”.

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