Hindenburg Research, an American investment research firm, has made some serious allegations against the Adani group. In its report, the firm alleged that the Adani Group is pulling the “biggest con in corporate history”.
The report also alleged that the company is engaged in a “brazen stock manipulation and accounting fraud scheme”. It has accused Adani of loading companies with debt that puts the entire group on a “precarious financial footing”.
In retaliation, the Adani group announced that it is contemplating legal action against Hindenburg Research. As the feud continues, here’s how the allegations have left the Adani group stocks to bleed:
Adani Ports and Special Economic Zone Limited
The shares of Adani Ports and Special Economic Zone tanked by more than 10 percent and were trading at Rs 641 levels. Since the reports surfaced in the past two days, the stock has shed more than 15 percent.
Adani Enterprises Limited
The shares of the Adani group holding company, Adani Enterprises have shed more than 6 percent in the first half of Friday’s session and are trading at Rs 3,185 levels.
This comes as the Adani company has announced a follow-on public offer (FPO) that hit the markets today and will remain open for bidding till January 31st, 2023. It is looking to raise Rs 20,000 crore.
Adani Power Limited
The shares of the largest private thermal power producer were locked in a lower circuit of 5 percent at Rs 247.95 levels in the early hours of Friday. In the past two days, the stock has lost more than 9 percent.
Adani Green Energy Limited
The shares of Adani group renewable energy company were one of the most severely hit as the stock shed 20 percent and were trading at Rs 1,488 levels. In the past 2 sessions, it has shed more than 24 percent.
Adani Transmission Limited
The power stock of the Adani group lost more than 18 percent and was trading at Rs 2,066 levels. In the past two days, it has lost more than 25 percent.
Adani Wilmar Limited
The edible oil company saw its share hit a lower circuit of 5 percent at Rs 516 levels on Friday. In the last two days, the stock shed 10 percent.
Adani Total Gas Limited
The shares of the Adani group gas distribution company tumbled by 20 percent and were trading at Rs 2,928 levels. In the past two sessions, the stock has lost more than 24 percent.
Ambuja Cements Limited and ACC Limited, which were acquired by the Adani group also tanked by 16 percent and 12 percent respectively on Friday. In addition, New Delhi Television Limited hit a lower circuit of 5 percent to trade at Rs 256 levels.
Written by Anoushka Roy
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