On Monday, August 12, Adani Group stocks, including Adani Enterprises, Adani Ports, and Adani Power, experienced significant declines, with shares falling as much as 5-6% from the previous close. The sharp drop followed the release of a fresh report by US-based short seller Hindenburg Research.
The broader NSE Nifty 50 index also faced pressure, dropping over 100 points or 0.45% to 24,254. However, the index managed to withstand the impact better than Adani Group shares.
Over the weekend, Hindenburg released a report alleging that SEBI Chairperson Madhabi Puri Buch may have failed to thoroughly investigate the Adani Group due to a potential conflict of interest. The report claims that Buch and her husband, Dhaval Buch, had investments in the same funds used by Adani executives for financial transactions, raising concerns about the impartiality of SEBI’s oversight.
| Adani Group Stock | %age Fall | CMP |
|---|---|---|
| Adani Enterprises | 3.8 percent | Rs 3,066.8 |
| Adani Ports and SEZ | 2.9 percent | Rs 1,489.1 |
| Adani Green Energy | 3.5 percent | Rs 1,717.8 |
| Adani Energy Solutions | 3.9 percent | Rs 1,060.9 |
| Adani Wilmar | 3.9 percent | Rs 370.3 |
| Adani Power | 4.9 percent | Rs 661.5 |
| Adani Total Gas | 6.1 percent | Rs 816.6 |
| Ambuja Cements | 1.2 percent | Rs 624.5 |
In response to the allegations, SEBI, Madhabi Puri Buch, and Dhaval Buch have issued detailed rebuttals, strongly denying the claims made by Hindenburg. SEBI also confirmed that Madhabi Puri Buch had consistently made proper disclosures, as required by her position.
The developments have heightened market scrutiny of the Adani Group and SEBI, impacting investor sentiment and leading to volatility in the stocks of one of India’s largest conglomerates.
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Source: Moneycontrol
News Desk
