Adani Group firms’ shares, including those of Adani Enterprises, Adani Ports and Adani Green Energy, dropped nearly 7% on Monday following the release of the most recent report by US-based short-seller Hindenburg Research.
Adani Enterprises and Adani Ports’ shares, which are included in the Nifty 50 index, had a decline of up to 5% before seeing a slight rebound from the day’s low points. Adani Energy Solutions, Adani Wilmar and Adani Total Gas stocks had a decline of 5% to 7%.
Alleging a conflict of interest, Hindenburg has claimed that SEBI was tasked with investigating investment funds connected to the Adani Group, including funds in which Chairperson Madhabi Puri Buch has personal investments.
The allegations were described by Buch as “baseless” and as an attempt at “character assassination.”
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