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Hindenburg sticks to its guns, Adani Group lose Rs 4 lakh cr capitalisation

Adani Group

New Delhi, 30 January (HS): The stock market continued to fluctuate after the research report of the American financial research company, Hindenburg, about the Adani group. Due to the effect of Hindenburg’s report, the shares of Adani Group have fallen by 20 percent. Adani group gave its response in 413 pages after this report.

Hindenburg struck back again.

Shares of Adani group companies showed a mixed trend in early trade on Monday. Shares of Adani Enterprises climbed 10 per cent, while shares of several other group companies continued to lose. During the trading, Adani Total Gas shares fell up to 20 per cent on the BSE Sensex. At the same time, Adani Green Energy was 18.99 per cent, Adani Power was 5 per cent, Adani Wilmar’s five per cent and NDTV shares slipped up to five per cent.

The country’s richest man, Gautam Adani’s group on Sunday issued a 413-page response to the allegations by Hindenburg Research.

On Monday, Hindenburg stood by his allegations and said that the Adani group fraud cannot be covered with nationalism. Adani Group’s shares fell by 20 per cent after Hindenburg’s counterattack. However, Adani Enterprises stock climbed 10 per cent and Adani Ports gained 10 per cent. Despite this, there has been a decline of Rs 4.17 lakh crore in the market capitalisation of group companies.

It is noteworthy that Hindenburg Research published a 106-page report, in which claims of several serious irregularities were made against the Adani Group. Hitting back, Hindenburg has also rejected the Adani Group’s allegation that its report is an attack on India. Hindenburg has said that the ‘hoax’ cannot be influenced by nationalism or the reaction wrapped up in it.

(This story has not been edited by Hubli Express staff and is published from a syndicated feed.)

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