Adani Group stocks latest news: Following allegations against Sebi chief Madhabi Buch in the Adani vs Hindenburg controversy, shares of Adani Group companies experienced a decline of up to 7% on Monday morning, as many investors opted for a cautious approach. Consequently, investors suffered a loss of approximately Rs 53,000 crore, with the combined market capitalization of 10 Adani stocks decreasing to Rs 16.7 lakh crore, according to an ET report.
Adani Green Energy shares were among the most severely affected, experiencing a 7% loss and hitting a day’s low of Rs 1,656 on BSE before partially recovering later on.Adani Total Gas shares declined by around 5%, Adani Power by 4%, while Adani Wilmar, Adani Energy Solutions, and Adani Enterprises traded approximately 3% lower.
Shares of Nifty stock Adani Ports decreased by around 2%, making it the second biggest loser on the blue-chip index after the conglomerate’s flagship entity, Adani Enterprises.
Although the Hindenburg report does not raise new charges against the Adani Group, it has alleged that Sebi chief Buch and her husband Dhaval Buch had stakes in Bermuda and Mauritius-based offshore funds used by Gautam Adani’s brother Vinod Adani “to amass and trade large positions in shares of the Adani Group”.
As the report questioned Sebi’s objectivity in the Adani matter, the issue has once again garnered political attention, with Opposition leaders demanding Buch’s resignation and a JPC probe on the Hindenburg report.
Buch has refuted all allegations, and Sebi has released a statement affirming that Buch had made necessary disclosures regarding her holdings of securities and their transfers. “Chairperson has also recused herself in matters involving potential conflicts of interest,” the statement said.
Market analysts have dismissed the report as sensationalism and believe it will not significantly impact stock prices.
In the coming days, Adani investors will also be monitoring news related to the completion of Sebi’s investigation into Hindenburg’s report from last year. Sebi stated that out of the 24 matters under investigation, one more was completed in March 2024, and one remaining investigation is nearing completion. The regulator also attempted to reassure investors by advising them to exercise due diligence before reacting to such reports.
Some market participants feared a repeat of the market crash that followed the January 2023 Hindenburg report, which had made serious accusations of stock manipulation, siphoning funds, and other corporate governance issues against the Adani conglomerate.
However, at a broader level, Hindenburg 2.0 failed to have a significant impact.
Adani Green Energy shares were among the most severely affected, experiencing a 7% loss and hitting a day’s low of Rs 1,656 on BSE before partially recovering later on.Adani Total Gas shares declined by around 5%, Adani Power by 4%, while Adani Wilmar, Adani Energy Solutions, and Adani Enterprises traded approximately 3% lower.
Shares of Nifty stock Adani Ports decreased by around 2%, making it the second biggest loser on the blue-chip index after the conglomerate’s flagship entity, Adani Enterprises.
Although the Hindenburg report does not raise new charges against the Adani Group, it has alleged that Sebi chief Buch and her husband Dhaval Buch had stakes in Bermuda and Mauritius-based offshore funds used by Gautam Adani’s brother Vinod Adani “to amass and trade large positions in shares of the Adani Group”.
As the report questioned Sebi’s objectivity in the Adani matter, the issue has once again garnered political attention, with Opposition leaders demanding Buch’s resignation and a JPC probe on the Hindenburg report.
Buch has refuted all allegations, and Sebi has released a statement affirming that Buch had made necessary disclosures regarding her holdings of securities and their transfers. “Chairperson has also recused herself in matters involving potential conflicts of interest,” the statement said.
Market analysts have dismissed the report as sensationalism and believe it will not significantly impact stock prices.
In the coming days, Adani investors will also be monitoring news related to the completion of Sebi’s investigation into Hindenburg’s report from last year. Sebi stated that out of the 24 matters under investigation, one more was completed in March 2024, and one remaining investigation is nearing completion. The regulator also attempted to reassure investors by advising them to exercise due diligence before reacting to such reports.
Some market participants feared a repeat of the market crash that followed the January 2023 Hindenburg report, which had made serious accusations of stock manipulation, siphoning funds, and other corporate governance issues against the Adani conglomerate.
However, at a broader level, Hindenburg 2.0 failed to have a significant impact.