Adani Ports and Special Economic Zone Ltd was down 6%, while Adani Transmission and Adani Green Energy slumped 10% each. Adani Total Gas fell 5%.
Shares of Adani Enterprises fell by 30 percent on Friday, taking the firm’s market losses to $115 billion. The seven listed Adani Group companies now have a market capitalization of $102 billion, which was $217 billion before the Hindenburg Research report.
Investors have dumped stocks of the seven Adani Group’s listed stocks since Hindenburg, a US short-seller, released a report accusing the group of stock manipulation, improper use of tax havens, and money laundering. Hindenburg has also raised concerns about the group’s mounting debts, reported India Today.Â
In Friday’s trade, the share price of Adani Enterprises plunged 30% to its lowest since April 2021, taking losses to nearly $33 billion since last week. Since the Hindenburg report, the stock has lost 68%, according to Reuters.
Amul Hikes Milk Prices By Rs 2 Per Litre; Gujarat Exempted
Adani Ports and Special Economic Zone Ltd was down 6%, while Adani Transmission and Adani Green Energy slumped 10% each. Adani Total Gas fell 5%.
Adani, who was displaced from his position as Asiaâs richest man, said in a statement on Thursday that the interest of investors was paramount and called off Rs 20,000 crore deal to sell new shares in his flagship company, Adani Enterprises, just 24 hours after it was sealed.
The Reserve Bank of India has sought details from local banks about their exposure to the Adani Group, following the $100 billion wipeout in the cumulative market valuation of the conglomerate since last week.
Market regulator Securities and Exchange Board of India (Sebi) is also examining the stock price falls and looking into any possible irregularities in the abortive share sale, Reuters reported.
Adani Group has issued multiple statements criticizing the Hindenburg report, which it termed âbaselessâ and malicious. Hindenburg, however, responded by saying: âFraud cannot be obfuscated by nationalism or a bloated response that ignores every key allegation we raised”.
As an independent media platform, we do not take advertisements from governments and corporate houses. It is you, our readers, who have supported us on our journey to do honest and unbiased journalism. Please contribute, so that we can continue to do the same in future.
