Adani Group Stocks Fall Over 6% After Hindenburg Revelation

Soon after Hindenburg Research claimed that it holds short positions in Adani Group companies via US traded bonds and non-Indian-traded derivative instruments on Wednesday, shares of Adani Group stocks witnessed sharp decline of nearly 6%.

Adani Ports And Special Economic Zone Ltd declined 6.49% till 11:56 am and the last trading price of the stock is Rs 711.45 apiece.

Meanwhile, shares of Adani Total Gas Ltd witnessed a dip of 3.60% in morning trade and the current market price of the stock is Rs 3745.40 apiece.

Adani Green Energy Ltd dived 2.87% in morning trade and the current market price of the stock is Rs 1858.55 apiece. Shares of Adani Transmission Ltd witnessed a fall of 5.33% in morning trade and the stock is currently trading at Rs 2609.30 apiece.

Shares of Adani Enterprises Ltd fell a little over 3% in morning trade till 11:53 am. The current market price of Adani Enterprises Ltd is Rs 3337.30 apiece after a dip of 3.06%.

Shares of Adani Power declined over 4% in morning trade. The last trading price of Adani Power Ltd is Rs 262.75 apiece after a dip of 4.39% at 11:55 am.

The short-seller claimed that 7 Adani listed companies have an 85% downside on a fundamental basis as a result of excessive valuation and the "key listed Adani companies have also taken on substantial debt" which has "put the entire group on precarious financial footing", according to Reuters reports.

Meanwhile, Adani spokesperson has not yet responded to the report.