Shares of Adani Group companies, including Adani Enterprises, Adani Ports, and Adani Green Energy, fell by up to 7% on Monday following the release of a new report by US-based short-seller Hindenburg Research.
Adani Enterprises and Adani Ports, both part of the Nifty 50 index, experienced declines of up to 5% before recovering slightly from their lowest points of the day. Other stocks within the group, such as Adani Energy Solutions, Adani Wilmar, and Adani Total Gas, saw their shares fall between 5% and 7%.
How are all Adani Group Companies Doing?
Adani Enterprises and Adani Ports, both components of the Nifty 50 index, fell by as much as 5% before seeing some recovery. Adani Enterprises ended down 2.60%, while Adani Ports closed 1.50% lower.
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Adani Green Energy saw a 3% drop, and Adani Energy Solutions declined by 2.80%. Shares of Adani Total Gas plummeted 5%, Adani Power fell by 4%, and Adani Wilmar dropped 3.70%. ACC and Ambuja Cements, also part of the Adani Group, were down 1.20% and 0.30%, respectively.
What is Hindenburg’s allegation on the SEBI Chief?
The report claimed that SEBI Chairperson Madhabi Puri Buch and her husband, Dhaval Buch, were involved in a conflict of interest due to undisclosed investments in offshore funds related to the Adani Group.
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Hindenburg’s report alleges that SEBI was responsible for investigating investment funds associated with the Adani Group, including funds in which Madhabi Puri Buch was allegedly personally invested.
What has Mr and Mrs Buch Replied to Hindenburg’s allegation?
The report accuses Buch and her husband of holding undisclosed investments in obscure offshore entities based in Bermuda and Mauritius, which were reportedly used by Vinod Adani, the elder brother of Adani Group chairman Gautam Adani, to engage in round-tripping of funds and artificially inflate stock prices.
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Madhabi Puri Buch has vehemently denied these allegations, labeling them as “baseless” and characterizing the report as an attempt at “character assassination.” The claims have intensified scrutiny of the Adani Group, which has been under the spotlight since Hindenburg’s initial report in January 2023 that accused the conglomerate of stock manipulation and accounting fraud.
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