Adani Enterprises tumbles over 11%, other group stocks bleed after Wikipedia's claim
Adani Group stocks fell sharply in Wednesday's trade in line with an overall weak trend in the equity market
Shares of Adani group stocks suffered steep losses in Wednesday's trade after Wikipedia editors said employees of the Adani Group have "almost certainly" manipulated Wikipedia entries with non-neutral PR versions.
The conglomerate's market capitalisation (m-cap) has slipped below the $100 billion mark as a selloff intensified in a majority of the the Adani Group firm's listed counters.
Since late January this year, the group stocks took a major hit on the exchanges after US-based short seller Hindenburg Research made a litany of allegations, including fraudulent transactions and share-price manipulation, against it. Adani Group, however, refuted the claim as baseless.
Meanwhile, the broader equity market also faced weak trend as the BSE Sensex fell 596.95 points or 0.98 per cent to 60,075.77 in morning trade. Both Sensex and Nifty lost around 0.9 per cent and 2.14 per cent so far in 2023.
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