Adani Group Stocks Crash Again On Lingering Impact Of Hindenburg Report

After eroding investor wealth worth around Rs 1 lakh crore on Wednesday, selling pressure in Adani Group companies intensified again on Friday. Adani Total Gas lost as much as 20%, while Adani Power lost 6%, Adani Wilmar lost 5% (only sellers), Adani Transmission lost 15% and Adani ports lost 3%. NDTV (only sellers) hit the lower end of the circuit filter in trade.

Threatened with legal action, US activist investor Hindenburg Research on Thursday said it stands by its report that alleged "brazen" market manipulation and accounting fraud by the Adani group, saying it has a long list of documents it will demand in a legal discovery process. Responding to Adani group's statement that it was examining legal action against Hindenburg, the US-based investment research firm that specialises in activist short-selling, said Adani group has not answered any of the 88 straightforward questions it had put forward in the report.

"The maliciously mischievous, unresearched report published by Hindenburg Research on January 24, 2023, has adversely affected the Adani Group, our shareholders and investors. The volatility in Indian stock markets created by the report is of great concern and has led to unwanted anguish for Indian citizens," Adani Group's lead head Jatin Jalundhwala said in a statement.

With inputs from pti