Shares of seven Adani group enterprises lost some crore in request capitalization (m- cap) in Wednesday’s trade amid a report by short- dealer Hindenburg suggesting Adani group listed companies have an 85 per cent strike eventuality on an abecedarian base due to sky-high valuations. The Hindenburg report also claimed that the Adani Group engaged in “counting fraud, stock manipulation and plutocrat laundering” over the course of decades. Seven Adani group stocks Videlicet, Adani Total Gas, Adani Enterprises, Adani Transmission, Adani Green Energy, Adani Anchorages, Adani Power and Adani Wilmar together lost Rs,542 crore in request value following the report.
Their combined m- cap stood at Rs17.20 lakh crore compared with Rs17.75 lakh crore a day ago. Adani group, still, refuted the allegations and raised questions over the timing of the report’s publication. The report, the Adani group claimed, had mala fide intention to undermine the group’s character with the top ideal of damaging the forthcoming follow- on public immolation from Adani Enterprises, the biggest IPO ever in India.
The ” virulently mischievous, unresearched” report affected the Adani Group, its shareholders and investors. ” The volatility in Indian stock requests created by the report is of great concern and has led to unwanted anguish for Indian citizens. Easily, the report and its unwarranted contents were designed to have an injurious effect on the share values of Adani Group companies as Hindenburg Research, by their own admission, is deposited to profit from a slide in Adani shares,” said Jatin Jalundhwala.