TIL Desk/Business/Mumbai/ Shares of most of the Adani Group firms were trading in the negative territory on Tuesday morning, falling for the fourth day running, amid concerns over US-based short seller Hindenburg Research’s report. Hindenburg released the report on January 24 — the day on which Adani Enterprises’ Rs 20,000-crore follow-on share sale opened for investors.
Adani Group stocks have taken a beating on the bourses after Hindenburg in a report made a litany of allegations, including fraudulent transactions and share price manipulation, at the Gautam Adani-led group. The allegations have been rejected by the group. For the fourth day running, shares of Adani Total Gas tanked 10 per cent, Adani Green Energy tumbled 9.60 per cent, Adani Transmission declined 8.62 per cent, Adani Wilmar (5 per cent), Adani Power (4.98 per cent), NDTV (4.98 per cent) and Adani Ports (1.45 per cent) on the BSE.
However, Adani Enterprises jumped 5.26 per cent, Ambuja Cements climbed 5.25 per cent and ACC gained 2.91 per cent. Shares of most of the Adani Group firms had ended lower on Monday as well. On Friday, Adani Group stocks fell up to 20 per cent after Hindenburg made damaging allegations. Stock markets were closed on Thursday on account of Republic Day. Life Insurance Corporation (LIC) issued a statement saying its investments in the group are safe.
