Adani Group companies shares fall wiping off ₹52,000 crores
This is the biggest drop the company has seen in over 4 months after losing ₹59,538 crore in February.
The ten listed companies in Adani Group have collectively lost ₹52,000 crore in Friday’s trading session so far making it their biggest loss since 9 February. Adani Enterprises is leading the loss with a 9% drop followed by Adani Transmission which dropped by 6.77%. Adani Ports and Adani Power also declined by more than 5%, while Adani Wilmar Adani Green, and Adani Total Gas all dropped by 3%
The stocks are reacting to a Bloomberg report that was published. According to the report, US officials are reportedly investigating the claims Adani Group made to American investors after a damning study from Hindenburg Research accused the corporation of utilizing offshore firms to covertly manipulate its stock price.
The report also stated, law enforcement agencies frequently initiate inquiries that don’t result in action, so requests for information from US prosecutors don’t always imply that criminal or civil procedures will be brought. A spokesperson from the Adani Group said that the group is not aware of any subpoenas to investors. “Our various issuers’ groups remain confident that the disclosures are complete as disclosed in the relevant issuer offering circulars,” said the spokesperson.
Hindenburg released a report in January accusing the Adani group of using offshore companies to float their share prices and financial results, the report also said that the group had flouted disclosure.
