31 March Friday

Bloodbath For Adani Group On Dalal Street Over Alleged Stock Manipulation, Accounting Fraud

Web Desk(Tvm)Updated: Friday Jan 27, 2023

Mumhai : It’s  bloodbath for Adani Group shares in today’s market, with  affiliate companies tumbling over 20 percent in early morning trade. All of Adani-affiliated companies registered massive  losses. The plunge began after short seller firm Hindenburg announced its selling position of the group’s shares and accused billionaire Gautm Adani of engaging in “brazen “ stock manipulation and accounting fraud.  

On its website, Hindenburg published a lengthy report of its 2-year investigations and alleged that the Securities and Exchange Board of India was lax in its investigation of Adani’s offshore funds as well as clamping regulations that would see Adani companies delisted. SEBI is yet to respond to that claim. The report puts Adani group shares as inflated up to 85 percent.

Meanwhile, the day’s dips of Adani group shares are : the flagship Adani Enterprises fell 6 percent even as its follow-on public offer(FPO) took off today. Adani Transmission fell 17 percent. Adani Ports &SEZ was down near 10 per cent. Adani Green Energy plummeted nearly 15 percent andAdaniTotal gas tanked 20 percent. Adani Wilmar and Adani Power hit their lower circuits at 5 percent.

Adani became billionaire in 2008 and now ranks among one of the riches people worldwide with a $1.19 billion fortune.