Adani Group Stocks Fall Yet Again Amid Regulatory Scrutiny In US

Adani Group stocks witnessed steep decline yet again on June 23, 2023 after a Bloomberg report indicated that US authorities are looking into what representations Adani Group made to its American investors following a scathing short seller's report that accused the company of using offshore companies to secretly manipulate its share prices.

Shares of Adani Enterprises Ltd declined 5.38% on Friday, June 23, 2023 and currently trading at Rs 2267.00 per share. Its 52-week high price is Rs 4189.55 per share and 52-week low price is Rs 1017.10 per share, respectively. In last 1-month, Adani Enterprises shares declined 40% YTD.

Adani Ports And Special Economic Zone Ltd witnessed a fall of 3.62% on June 23, 2023 to Rs 718.55 per share. Adani Ports share fell 12.55% YTD and 9% in last 6-months.

Meanwhile, Adani Power Ltd shares tumbled 3.54% to trade at Rs 247.70 apiece at 12:31 pm. The large cap stock witnessed a decline of 17% YTD and over 5% in last 6-months.

Shares of Adani Transmission Ltd slipped 4.34% on Friday and currently trading at Rs 769.95 per share. Adani Transmission shares dived 11% in last 1-month and 29% in last 3-months.

Adani Green Energy shares declined 1.89% intraday and presently trading at Rs 955.70 apiece till 12:34 pm. In last 1-month, Adani Green shares slipped 3.39% on BSE and 49% YTD.

Adani Total Gas tumbled 2.84% and right now trading at Rs 636.50 apiece on BSE. In last 1-month, Adani Total shares fell 16% and 82% YTD.

Adani Wilmar Ltd shares too dipped 2.65% intraday till 12:37 pm and currently, trading at 407.25 apiece, respectively.

As per the Bloomberg report, The US Attorney's Office in Brooklyn, New York, has sent inquiries in recent months to institutional investors with large holdings in the India conglomerate, one person familiar with the inquiries said. The requests for information were focused on what Adani Group told those investors, said the person, who asked not to be identified because the probe isn't public. The Securities and Exchange Commission also has a similar probe underway, two other people said.

Earlier this year on May 3, a small Ahmedabad-based chartered accountancy firm, whose appointment was questioned by a US short seller in its scathing report against the conglomerate run by billionaire Gautam Adani, has resigned due to "pre-occupation", Adani Total Gas Ltd said.

Hindenburg Research in its January 24 report that levelled allegations of fraud, stock manipulation and money laundering against the Adani group, had also raised the issue of the size and capability of the firms auditing the conglomerate, as per a PTI report. Adani group has repeatedly denied all allegations.