Markets Take A Severe Beating, Courtesy Adani Group
The Indian benchmark indices gained in the initial sessions of the fortnight, powered by robust gains in information technology stocks, mirroring the strength in global technology equities. Following that, the indices tumbled by around 3 per cent in just two sessions, severely damaged by power, utility and oil and gas sector stocks as a result of allegations made by the US-based investment research firm Hindenburg Research against the Adani Group, resulting in a bloodbath in these sectors. Adani Group stocks experienced heavy selling pressure.