Gautam Adani
Adani Group, which is headed by Gautam Adani, has taken the brunt of the US short seller Hindenburg Report’s “expose” on the company for the past 12 days. To restore confidence, Adani was forced to withdraw the Follow on Public Offer (FPO), but nothing else that the business has done has resulted in the good news.
Shares of Adani Group firms continued to remain weak for the second day running on Tuesday amid a host of negative events surrounding the companies. In the morning session, the scrip of Adani Enterprises plunged 4.89 per cent to Rs 1,633.55 on the BSE. Some of the group firms also touched their lower circuit levels. The stock of Adani Power nosedived to Rs 148.30, Adani Transmission to Rs 1,070.55, Adani Green Energy to Rs 653.40, and Adani Total Gas to Rs 1,135.60 on the bourse.
Similarly, shares of Adani Wilmar declined to Rs 393.60 apiece and NDTV to Rs 188.35 on the BSE.
The scrips of these companies declined 5 per cent each. In addition, the scrip of Ambuja Cements slipped 4.04 per cent to Rs 328.55, ACC dipped 2.01 per cent to Rs 1,786.75 and Adani Ports and Special Economic Zone fell 1.17 per cent to Rs 546.70 on the BSE.
In the morning session, the 30-share BSE Sensex was trading 295.3 points or 0.49 per cent higher at 60,727.14. There were negative news flows for the group which weighed on investor sentiment including a sharp cut to the revenue growth target by the conglomerate along with a downward revision to the outlook of four Adani Group companies by Moody’s.
Over the weekend, news also emerged that three group firms (Adani Ports, Adani Transmission, and Adani Green) pledged additional shares to SBICAP Trustee which further soured the market mood.
Adani Group stocks have lost around Rs 10.2 lakh crore or about 53 per cent of their combined market cap since January 24, when US-based activist short-seller Hindenburg Research through its report made a litany of allegations, including fraudulent transactions and share price manipulation at the Gautam Adani-led group.
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