Adani Group Shares Plummet After Recent Hindenburg Allegations Against Markets Regulator Chief
The major stocks of Adani Group saw a sharp decline in their share prices on Monday after Hindenburg Research raised allegations against the Chairperson of Securities and Exchange Board of India (SEBI) in their recent report.
The key conglomerate shares endured significant losses with Adani Enterprises dropping by over 3% and Adani Energy Solutions opening nearly 17% lower on the BSE. Other group firms like Adani Power, Adani Green Energy and Adani Total Gas also witnessed falls in the range of 5-7%. Non-Adani stocks like NDTV also slid by around 11%.
The latest report had claimed that the offshore entities mentioned in the previous ‘Adani money siphoning scandal' were linked to the SEBI chief and her husband. It alleged they held stakes in such obscure funds used in the purported malpractices.
However, SEBI sought to assure investors on the matter. In a statement, the regulator asked market participants to remain composed and conduct proper diligence before reacting strongly to such claims. It also highlighted the report's own disclaimer around potential short positions by the research firm.
The Adani group promptly rejected the fresh accusations as malicious and manipulative. It stated all details of its foreign operations are regularly updated in public disclosures as per prevailing regulations and standards of transparency.
