Adani Shares In Deep Red As New Hindenburg Revelations Take A Toll On Company Stocks

The Hindenburg research's latest tranche of information or revelation concerning the Adani-SEBI saga has taken a new turn. The short-selling organisation accused the SEBI chairperson, Madhabi Puri Buch, of being in cahoots with the Gautam Adani-led company and having a vested interest in the investigation against the conglomerate.

Adani Shares In Red

This new development has now placated the stock markets as well. This, in particular, has affected all the major Adani company shares. The company shares started the day's trade on August 12 with an apparent sell-off.

The Adani Total Gas shares lost 4.25 per cent or Rs 36.95, slumping to Rs 828.25.

The company's flagship, Adani Enterprises, also started the day's proceedings in red. The entity's share prices dipped to Rs 3,086.75, declining by 3.16 per cent or Rs 100.80.

Adani Ports, after observing a sharp decline right at the opening, crawled back, reducing the gap of decline. The port company shares dropped by 1.65 per cent or Rs 25.30, decreasing to Rs 1,508.50 per share.

Another Adani company, Adani Power, also observed a decline in its numbers. Adani Power shares dropped by 3.99 per cent or Rs 27.75, decreasing to Rs 667.65 per share.

In addition, Adani Green Energy and Adani Energy Solutions also saw their shares drop by over 3 per cent in the early hours of the day's trade on Monday.

Adani's Defence

After the new revelation kicked up a storm, the company issued a statement through an exchange filing. In the statement, the company said, "The latest allegations by Hindenburg are malicious, mischievous and manipulative selections of publicly available information to arrive at pre-determined conclusions for personal profiteering with wanton disregard for facts and the law. We completely reject these allegations against the Adani Group, which are a recycling of discredited claims that have been thoroughly investigated, proven to be baseless and already dismissed by the Hon'ble Supreme Court in March 2023."