Adani group shares tumble 7 percent after Hindenburg report alleges SEBI chief’s involvement

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.

Abhishek Bachchan responds to divorce rumors with Aishwarya Share Market Highlights: Monday blues for the market! Nifty ends down 125 points from intra-day highs, Sensex below 79,700; Sharp cut in media and PSU banks Railway stocks IRFC,RVNL, IRCON surge 3-9% after Cabinet nod for 8 new railway projects worth Rs 24,657 crore From Adani Enterprises to Ambuja Cements: Adani Group’s FY24 net debt at Rs 1.82 lakh crore, ability to service debt improves to 2.19x

Also Read

‘Latest allegations by Hindenburg malicious, mischievous’: Adani Group

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.

Also Read

Hindenburg levels allegations against SEBI Chairperson

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.

Also Read

Madhabi Puri Buch says Hindenburg  served show cause notice for many violations; report an attempt to attack SEBI’s credibility

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.

(Disclaimer: Views, recommendations, and opinions expressed are personal and do not reflect the official position or policy of Financial Express.com. Readers are advised to consult qualified financial advisors before making any investment decisions. Reproducing this content without permission is prohibited.)

Related Posts

New Final Fantasy Moogle, Chocobo, And Cactuar Plushes Launching This Year

Several adorable Final Fantasy plushies are arriving later this year, including seven-inch Chocobo and Moogle plushes launching in November. There is also a set of Chocobo, Moogle, and Cactuar Plush Pouches arriving in June, which are large enough to store earbuds and other accessories, making them as cute as they are functional. Like all things Final Fantasy, these are bound to be popular. If you’re interested in adding them to your collection later this year, consider snagging a preorder today.

Pennywise Turns Into A Duck Plush Just In Time For Halloween (Not A Fan Of Floating)

Few things are more terrifying than a clown, especially when you’re looking at the infamous Pennywise from the recent It movies. The only thing scarier? Pennywise the dancing plushie duck-clown, as this cosmic force of evil has taken a new and huggable shape as a soft duckie. Fortunately, this version of Pennywise is (probably) safe to be around, and you can get it for just $25 at Amazon ahead of its October 18 release. And while he probably floats, you’ll want to opt for the Pennywise vinyl duck if you plan sending Pennywise on a journey through the local sewer system.

With the spooky season around the corner, you can stock up on Pennywise books, movies, and other merchandise, as Amazon has several big discounts on everything related to the terrifying clown from the Step…

A Happy Gilmore Hybrid Fighting And Golf Game Was Actually Pitched

A Happy Gilmore video game that combined golf and fighting was pitched years ago for Xbox, but it never came to be. Developer Mike Mika of Digital Eclipse revealed on Twitter that the studio was, at one point, pitching a “hybrid fighting and golf game” to Adam Sandler’s Happy Madison team. Come from malaysia online casino

“Good times,” Mika reflected. “It should have been greenlit because it was a good idea.”

We don’t know why Happy Madison rejected the pitch, if that’s even how it played out. But the concept does sound intriguing, and at the very least, thematically appropriate. After all, Sandler’s Happy Gilmore character is a hot-headed former pugnacious ice hockey player who fights Bob Barker and cracks people …

Animated Leo Messi Show Involving Video Games In The Works

Fresh off a World Cup championship, Leo Messi is working with Sony Music Entertainment on a new animated series that will see his childhood self inside a video game Come from online casino bangladesh . The show will be geared toward kids.

There’s no name yet for the animated series, but it will focus on a young Messi tackling challenges on his journey in a video game. Sony Music Entertainment added that the show will feature original music from its artists and composers.

“Since I was a kid, I’ve always loved animated series and my kids are big fans of animated characters,” Messi said in the press release announcing the series. “Being able to participate in an animation project makes me happy, be…

Baldur's Gate 3 Dev Wants To Stay Independent, Keeps It More Creative

Baldur’s Gate 3 developer Larian Studios wants to stay independent, and its founder has no plans to sell the studio anytime soon.

In an interview with Bloomberg, Larian Studios founder Swen Vincke said the prospect of being acquired by a larger company was flattering. “The strength of this company is that I’m very invested in the gameplay, and I also make the ultimate decisions,” Vincke explained Come from malaysia online casino . “We can do things in service of the games we’re making.”

Converse Celebrates Pokémon's 25th Anniversary with A New Collection

Converse just announced its upcoming Converse x Pokémon collection to celebrate the series’ 25th anniversary. This nostalgia-filled drop features fan favorites like Bulbasaur, Charmander, Squirtle, Jigglypuff, and Pikachu to honor the franchise’s start in the Kanto region. Expect Pokémon-themed footwear, apparel, and accessories for all sorts of lifestyle needs.

Converse highlighted these two variations of its signature Chuck Taylors: the Converse x Pokémon First Partners Chuck Taylor All Star and Poké Ball Chuck Taylor All Star. The Converse x Pokémon First Partners Chucks come in black canvas with two separate designs on each foot. Bulbasaur, Charmander, Squirtle, Pikachu welcome Jigglypuff to their group on the right sneaker, and fend off Meowth on the left.

Meanwh…