All Adani Group stocks plunge amid regulatory scrutiny in US
New Delhi, June 23
All Adani Group stocks ended in the negative territory on Friday, with Adani Enterprises falling nearly 7%, in line with weak trend in the broader market, amid reports that the US authorities are looking into the representations that the conglomerate made to its American investors in the wake of allegations of stock manipulation levelled by Hindenburg Research.
Shares of Adani Enterprises tumbled 6.83%, Adani Transmission plunged 5.83%, Adani Power declined 5.53% and Ambuja Cements tanked 4.28% on the NSE.
Adani Ports fell by 4.20%, NDTV slumped 3.71%, ACC declined 3.54%, Adani Wilmar skidded 3.38%, Adani Total Gas went lower by 3.18% and Adani Green Energy dipped 1.50%.
In the equity market, the 30-share BSE Sensex fell 259.52 points or 0.41 per cent to settle at 62,979.37.
“Adani Group stocks came under selling pressure on Friday when the broader market was anyway under profit-taking mode. An additional reason for the group stocks to fall was the news of Adani Group drawing regulatory scrutiny in the US after a short-seller report.
“The US Attorney’s Office in Brooklyn, New York, has reportedly sent inquiries in recent months to institutional investors with large holdings in Adani Group. The requests for information were focused on what Adani Group told those investors,” said Deepak Jasani, Head of Retail Research, HDFC Securities.
Adani Group stocks have in the past taken a beating on the bourses after Hindenburg made a litany of allegations, including those about fraudulent transactions and share-price manipulation, against the business conglomerate.
Adani Group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements.
