Know whats brewing in Adani Group stocks!

The group stocks witnessed heavy fall following the report of Hindenburg Research which claimed that the Indian Conglomerate has engaged in brazen stock manipulation and accounting fraud schemes over the course of decades

On Wednesday, the Sensex slipped by 773.69 points to close at 60,205.06, while the Nifty 50 fell by 226.35 points to close at 17,891.95. Amid this heavy market downfall, Adani Group stocks tumbled and lost more than Rs 40,000 crore in market capitalization.   

Today’s performance of Adani stocks include- Adani Wilmar closed 5 per cent down to Rs 544.50, Adani Green Energy closed 3.04 per cent down to Rs 1855.45, Ambuja Cements closed 7.71 per cent down to Rs 460.10, ACC closed 7.26 per cent down to Rs 2166, Adani Transmission closed 8.06 per cent down to Rs 2534.10, Adani Power closed 4.99 per cent down to Rs 261.10, Adani Ports closed 6.30 per cent down to Rs 712.90, Adani Total Gas closed 3.61 per cent down to Rs 3745 and Adani Enterprises closed 1.54 per cent down to Rs 3389.85.  

The group stocks witnessed heavy fall following the report of Hindenburg Research which claimed that the Indian Conglomerate has engaged in brazen stock manipulation and accounting fraud schemes over the course of decades. The report also claimed that the 7 listed companies of Adani Group are more than 85 per cent overvalued, merely taking the companies financials at face value.  

Quickly reacting on the same, Adani Group CFO Jugeshinder Singh said in a statement that they are shocked that Hindenburg Research has published a report on January 24, 2023 without making any attempt to contact them or verify the factual matrix. He called the report to be ‘’malicious combination of selective misinformation and stale’’ and also added that these discredited allegations have been tested and rejected by India’s highest courts and the Adani Group has always been in compliance with all laws.  

Keep a close eye on all Adani Group stocks!