Adani Power to Adani Enterprises: Adani Group shares zoom after Gautam Adani's speech at AGM 2023

Adani Group chairman Gautam Adani take a dig at Hindenburg Research report published ahead of the Republic Day 2023. While speaking at the Adani Group AGM 2023, the Indian billionaire said that Hindenburg Research report was a combination of targeted misinformation and discredited allegations, the majority of them dating from 2004 to 2015. 

After this strong counter attack by Gautam Adani against the US-based short seller, Adani group shares witnessed huge buying interest during early morning deals on Tuesday. Adani group flagship company Adani Enterprises share price opened upside and went on to hit intraday high of ₹2,510 apiece on NSE, logging around 4.25 per cent rise within few minutes of Gautam Adani's AGM speech.

Adani Power share price bounced back from its intraday low of ₹242.80 per share on NSE and went on to hit intraday high of ₹254.45 apiece on NSE. 

Shares of Adani Green Energy Ltd opened with an upside gap and logged more than 3 per cent intraday gain during morning session on Tuesday. Adani Transmission shares too ascended around 3 per cent during Gautam Adani's speech at Adani Group AGM 2023. Shares of other Adani group companies too witnessed upside movement as all ten Adani share price was in green zone after the completion of Gautam Adani's speech.

Gautam Adani's speech at AGM 2023

While speaking at Adani Group AGM 2023, Chairman Gautam Adani said, “Hindenburg Research report was a combination of targeted misinformation and discredited allegations, the majority of them dating from 2004 to 2015. They were all settled by the appropriate authorities at that time. This report was a deliberate and malicious attempt aimed at damaging our reputation and generating profits through a short-term drive-down of our stock prices.”

Questioning the timing of Hindenburg Research report, Gautam Adani said, “Despite a fully subscribed FPO, we decided to withdraw and return the money to our investors to protect their interests. While we promptly issued a comprehensive rebuttal, various vested interests tried to exploit the claims made by the short seller. These entities encouraged and promoted false narratives across various news and social media platforms.”

Pointing at Supreme Court constituted expert committee's report, the Indian billionaire said, “The Expert Committee did not find any regulatory failure. The Committee’s Report not only observed that the mitigating measures, undertaken by your company helped rebuild confidence but also cited that there were credible charges of targeted destabilization of the Indian markets. It also confirmed the quality of our Group’s disclosures and found no instance of any breach.”

However, market regulator SEBI is yet to submit its report in regard to the allegations labelled by the US-based short seller.

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