Adani Stocks Fall After US Report

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Adani Stocks Fall After US Report

| Updated: January 27, 2023 13:34

After the US-based investment research firm Hindenburg Research made damaging allegations, the Adani group stocks fell up to 20 percent in morning trade on Friday.

Shares of Adani Total Gas plummeted 19.65 percent, Adani Transmission tumbled 19 percent, Adani Green Energy plunged 15.50 percent and Adani Enterprises tanked 6.19 percent on the BSE.

Also, Adani Ports and Special Economic Zone fell 5.31 percent, Adani Wilmar dipped 5 percent and Adani Power declined 4.99 percent.

In the broader market, the 30-share BSE benchmark declined 537.91 points or 0.89 percent to trade at 59,667.15.

The Adani Group on Thursday said it is examining legal options to take “punitive action” against Hindenburg Research for its “reckless” attempt to sabotage a mega share sale at the conglomerate’s flagship firm.  The US activist investor said it stands by its report that alleged “brazen” market manipulation and accounting fraud by the group.

The report and its unsubstantiated contents were designed to have a deleterious effect on the share values of Adani Group companies as Hindenburg Research, by their own admission, is positioned to benefit from a slide in Adani shares, the group said.

Hindenburg, a US-based investment research firm that specialises in activist short-selling, said on Wednesday that its two-year investigation revealed that Adani Group has “engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades”.

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