Adani Group stocks crash up to 20% amid Hindenburg report

TIL Desk/Business/Mumbai/ The Adani group stocks continued to remain under pressure on Friday, falling up to 20 per cent in morning trade, after the US-based investment research firm Hindenburg Research made damaging allegations.

Shares of Adani Total Gas plummeted 19.65 per cent, Adani Transmission tumbled 19 per cent, Adani Green Energy plunged 15.50 per cent and Adani Enterprises tanked 6.19 per cent on the BSE. Also, Adani Ports and Special Economic Zone fell 5.31 per cent, Adani Wilmar dipped 5 per cent and Adani Power declined 4.99 per cent. In the broader market, the 30-share BSE benchmark declined 537.91 points or 0.89 per cent to trade at 59,667.15.

The Adani Group on Thursday said it is examining legal options to take “punitive action” against Hindenburg Research for its “reckless” attempt to sabotage a mega share sale at the conglomerate’s flagship firm – a statement that the US activist investor responded by saying it stands by its report that alleged “brazen” market manipulation and accounting fraud by the group. “The maliciously mischievous, unresearched report published by Hindenburg Research on January 24, 2023, has adversely affected the Adani Group, our shareholders and investors.