Adani group stocks dip up to 17% on new allegations by Hindenburg Research

Adani Energy Solutions, Adani Total Gas, NDTV and Adani Power dropped between 11 per cent and 17 per cent on the BSE in Monday's intra-day trade

Adani group shares today: Shares of Adani Group companies were under pressure on Monday, falling up to 17 per cent on the BSE in the intraday trade, following new allegations by the US-based Hindenburg Research. The US-based short-seller has alleged links between Securities and Exchange Board of India (Sebi) Chairperson Madhabi Puri Buch and her husband, and an offshore fund tied to the Adani group. Sebi and Buch have issued separate statements refuting the allegations as baseless.

Adani Energy Solutions (down 17 per cent to Rs 915.70), Adani Total Gas (13 per cent to Rs 753), New Delhi Television (NDTV) (11 per cent to Rs 186.15), and Adani Power (11 per cent to Rs 619) fell more than 10 per cent each intraday, while Adani Ports and Special Economic Zone, Adani Enterprises, Adani Wilmar, ACC, and Ambuja Cements declined between 2 per cent and 7 per cent.

However, at 9:28 AM, Adani group stocks erased partial losses and were trading lower in the range of 1 per cent to 5 per cent. They bounced back up to 17 per cent from their intraday lows. In comparison, the BSE Sensex was down 0.33 per cent at 79,442.

On its part, the Adani Group said the latest allegations by Hindenburg are "malicious, mischievous and manipulative" selections of publicly available information to arrive at a predetermined conclusion for personal profiteering with wanton disregard for facts and the law.

"We completely reject these allegations against the Adani Group which are a recycling of discredited claims that have been thoroughly investigated, proven to be baseless and already dismissed by the Hon'ble Supreme Court in March 2023,” Adani Group said in statement. CLICK HERE FOR FULL DETAILS