BackAdani 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
PremiumShares 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 stock of Adani Group's flagship Adani Enterprises tumbled 11.43 per cent to ₹1,391.55 per share on the NSE at around 12:40 pm.
Many of the Adani Group firms also hit their lower circuit limits in today's trade.
Shares of Adani Power declined 5 per cent, Adani Transmission fell 5 per cent, Adani Total Gas (5 per cent), Ambuja Cements (5 per cent) Adani Green Energy (4.99 per cent), Adani Wilmar (4.99 per cent) and NDTV (4.55 per cent).
The stock of Adani Ports declined 5.77 per cent and ACC fell 5.75 per cent.
On Wikipedia row
"Over 40 later banned or blocked sock puppets or undeclared paid editors created or revised nine related articles on the Adani family and family businesses. Many of them edited several of the articles and added non-neutral material or puffery. A declared paid editor, using a company IP address, completely rewrote the Adani Group article," read an article on The Signpost run by Wikipedia.
Nate Anderson, founder of the Hindenburg Research, in a tweet said the Signpost article shows how Adani systematically manipulated its Wikipedia entries using sock puppet accounts, undisclosed paid editors and removing evidence of conflicts of interest.
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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