Shares of Adani Group companies remained under pressure on Monday after Hindenburg Research in its recent report alleged that the Securities and Exchange Board of India (Sebi) Chairperson Madhabi Puri Buch had a stake in ‘offshore entities used in Adani money siphoning scandal’. #AdaniGroupShares
While shares of Adani Enterprises fell 3.09 per cent, shares of Adani Energy Solutions opened 17 per cent lower on the BSE. Adani Power, Adani Green Energy and Adani Total Gas declined by 4.98 per cent, 6.96 per cent and 5.57 per cent. Adani Wilmar opened 3.88 per cent down and NDTV tanked 11 per cent.
The Sensex, however, dropped 375.79 points, or 0.47 per cent and Nifty declined 47.45 points, or 0.19 per cent at the opening.
On Saturday, quoting “whistleblower documents”, Hindenburg had alleged, “SEBI’s Chairperson and her husband, Dhaval Buch, had stake in obscure offshore entities used in Adani money siphoning scandal.”
Gautam Adani-led Adani group on Sunday denied the allegations made by Hindenburg and termed those malicious, mischievous and manipulative’.
It also reiterated that its overseas holding structure is fully transparent, with all relevant details disclosed regularly in numerous public documents.
“The Adani Group has absolutely no commercial relationship with the individuals or matters mentioned in this calculated deliberate effort to malign our standing. We remain steadfastly committed to transparency and compliance with all legal and regulatory requirements,” the Adani group said in the statement. #AdaniGroupShares
Moreover, the turmoil surrounding Adani Group shares underscores the volatility in the financial markets. As these allegations unfold, the company’s stock price continues to fluctuate unpredictably. Therefore, investors should remain cautious and stay informed about ongoing developments.
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