Back7 Adani stocks fall up to 23%, lose ₹2.83 L cr in m-cap on Hindenburg report
On Friday, five Adani Group stocks i.e. Adani Enterprises, Adani Total Gas, Adani Transmission, Adani Green Energy, and Adani Ports & SEZ hit lower circuits
PremiumShares of the Adani Group companies lost ground on Friday, extending their losses from Wednesday's trading session. The market was shut on Thursday on account of Republic Day.
On Friday, five Adani Group stocks i.e. Adani Enterprises, Adani Total Gas, Adani Transmission, Adani Green Energy, and Adani Ports & SEZ hit lower circuits.
Seven of Adani companies lost ₹2.83 lakh crore market-cap as of 13:00 IST.
Adani Total Gas lost ₹79,788 crore on Friday, followed by Adani Green Energy, which lost ₹57,876 crore, and Adani Transmission that lost ₹52,531.90.
The shares of Adani Group companies have been witnessing strong selling post the release of the Hindenburg Research report that alleged a ‘fraud’. The momentum in the basket is on the bearish side, according to analysts.
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In a report released on Wednesday, Hindenburg Research accused the Indian giant of participating in a decades-long plan to manipulate stock prices and commit accounting fraud. Post the news, seven Adani Group stocks lost ₹46,086 crore in market cap on Wednesday.
Also read: Will Hindenburg Research report impact Adani Enterprises FPO?
Reacting to the report on Wednesday, Adani Group released a media statement where the company said that it was shocked that Hindenburg Research has published a report without making any attempt to contact the company or verify factual matrix.
"The report is a malicious combination of selective misinformation and stale, baseless and discredited allegations that have been tested and rejected by India's highest courts," said the company in a report.
At 13:00 IST, the shares of Adani Total Gas, Adani Green Energy, Adani Transmission were down 20 percent while Adani Enterprises shares were down 18 percent. Adani Power and Adani Wilmar were down by 5 percent each, and Adani Ports & Special Economic Zone was down 23 percent.
This article was first published on MintGenie
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