Shares of eight out of 10 listed companies of Adani Group closed with a decline on Monday. Amidst this decline, the market valuation (market cap) of Adani Group companies decreased by Rs 22,064 crore overall. The total market capitalization of the group companies is Rs 17 lakh crore. According to the news of Bhasha, American research and investment firm Hindenburg Research has made several allegations against the Adani Group along with market regulator SEBI chief Madhavi Puri Buch in a report released on Saturday.
Shares of these companies fell
According to the news, due to the impact of this report, the shares of the group companies were trading with a decline in the initial trade. But after some time the decline reduced to a great extent. At the end of trading on the Bombay Stock Exchange (BSE), Adani Wilmar’s stock fell 4.14 percent, Adani Total Gas 3.88 percent, Adani Energy Solutions 3.70 percent, NDTV 3.08 percent, Adani Ports 2.02 percent, Adani Enterprises 1.09 percent, ACC 0.97 percent and Adani Power 0.65 percent.
Shares of these two companies rose
Adani Group company Ambuja Cements’ stock closed 0.55 percent higher and Adani Green Energy’s stock closed 0.22 percent higher. At one point during trading, Adani Energy Solutions’ stock fell 17 percent, Adani Total Gas 13.39 percent, NDTV 11 percent and Adani Power 10.94 percent. Adani Green Energy shares fell 6.96 per cent, Adani Wilmar 6.49 per cent, Adani Enterprises 5.43 per cent, Adani Ports 4.95 per cent, Ambuja Cements 2.53 per cent and ACC 2.42 per cent.
Hindenburg report had a strong impact
According to Bhasha news, Hindenburg has said in its report that Securities and Exchange Board of India (SEBI) Chairperson Madhabi Puri Buch and her husband Dhabal Buch had made undeclared investments in obscure foreign funds in Bermuda and Mauritius. It said that these are the same funds that were allegedly used by Vinod Adani to embezzle money and increase the share prices of the group’s companies. Vinod Adani is the elder brother of Adani Group Chairperson Gautam Adani. The Adani Group has denied any commercial transactions with the SEBI chief.
