Following the release of a fresh report by US-based short-seller Hindenburg Research, shares of Adani Group firms, including Adani Enterprises, Adani Ports, and Adani Green Energy, plummeted by as much as 7% on Monday. The Nifty 50 index companies Adani Enterprises and Adani Ports saw losses of up to 5% before bouncing back somewhat from their lowest positions of the day. Shares of other group equities, including Adani Energy Solutions, Adani Wilmar, and Adani Total Gas, dropped by 5% to 7%.
Losses Of Adani Group
Nifty 50 index companies Adani Enterprises and Adani Ports both experienced significant losses of up to 5% before beginning to recover. Adani Ports closed 1.50% down and Adani Enterprises down 2.60%. Adani Energy Solutions experienced a 2.80% decline while Adani Green Energy witnessed a 3% decline. Adani Wilmar’s shares declined 3.70%, Adani Power’s decreased 4%, and Adani Total Gas’s shares lost 5%. The Adani Group companies ACC and Ambuja Cements had decreases of 1.20% and 0.30%, respectively.
Hindenburg Report
According to the Hindenburg report, SEBI was in charge of looking into investment funds connected to the Adani Group, including some that Madhabi Puri Buch is said to have personally invested in. There existed a conflict of interest between SEBI Chairperson Madhabi Puri Buch and her spouse, Dhaval Buch, because of their concealed investments in offshore funds associated with the Adani Group.
Allegations On Madhabi Puri Buch
Vinod Adani, the older brother of Adani Group chairman Gautam Adani, allegedly used Buch and her husband’s undisclosed investments in mysterious offshore entities based in Bermuda and Mauritius to round-trip money and artificially inflate stock prices. These accusations have been sharply refuted by Madhabi Puri Buch, who has called the study character assassination and described the claims as baseless. Since Hindenburg’s preliminary report in January 2023, which alleged the conglomerate of manipulation of stocks and accounting fraud, the Adani Group has been under increased investigation due to the charges.
