Adani Group Stocks Show Mixed Performance Amid Allegations
Shares of seven out of ten Adani group firms dipped slightly on Tuesday, with three companies, Adani Total Gas, Adani Green, and Adani Energy, ending higher. Market performance was influenced by weak equity trends and allegations by Hindenburg Research, which accused Sebi chairperson Madhabi Puri Buch and her husband of undisclosed offshore investments.
- Country:
- India
Shares of seven of the ten Adani group firms ended marginally lower on Tuesday, while three companies -- Adani Total Gas, Adani Green, and Adani Energy -- registered gains despite a weak equity market.
At the close of trade, Adani Wilmar's stock fell by 2.37 per cent, Adani Enterprises declined 1.92 per cent, and Ambuja Cements slipped 1.86 per cent. Adani Ports dropped 1.24 per cent, while ACC and Adani Power both fell by 0.54 per cent and 0.20 per cent, respectively, on the BSE. NDTV also slid 0.20 per cent.
Conversely, shares of Adani Total Gas rallied 1.94 per cent, Adani Green Energy advanced 1.38 per cent, and Adani Energy Solutions climbed 0.70 per cent. Intra-day trading saw significant rebounds, with Adani Energy Solutions jumping 6.28 per cent, Adani Total Gas surging 4 per cent, and Adani Green Energy climbing 2.55 per cent.
The 30-share BSE Sensex tumbled 692.89 points, or 0.87 per cent, to settle at 78,956.03, while the NSE Nifty slumped 208 points, or 0.85 per cent, to 24,139. The downward trend occurred amid serious allegations by US short-seller Hindenburg Research, claiming Sebi chairperson Madhabi Puri Buch and her husband held undisclosed investments in offshore funds with ties to Vinod Adani.
Hindenburg alleged that a conflict of interest is preventing Sebi chairperson Buch from conducting a thorough investigation into the Adani group. Both Buch and the Adani group issued strong denials, with Buch and her husband calling the allegations a character assassination attempt.
In their Sunday statement, Buch clarified that the investments were made in 2015, before her Sebi appointment in 2017, and became inactive upon her elevation to chairperson in March 2022.
Adani Group described Hindenburg's allegations as malicious and manipulative, stressing that they have no commercial relationship with Buch or her husband.
(With inputs from agencies.)
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