Adani Enterprises, Adani Power, Adani Green, and other Adani stocks see a downfall amid regulatory scrutiny in the US
Adani Group stocks ended in the negative territory on Friday, with Adani Enterprises falling nearly 7 percent, in-line with a weak trend in the broader market, amid reports that the United States authorities are looking into the representations that the conglomerate made to its American investors in the wake of allegations of stock manipulation leveled by Hindenburg Research.
Shares of Adani Enterprises tumbled 6.79 percent, Adani Transmission plunged 6.38 percent, Adani Power declined 5.61 percent and Ambuja Cements tanked 4.19 percent on the BSE. Adani Ports fell by 4.16 percent, NDTV slumped by 3.46 percent, ACC declined 3.46 percent, Adani Wilmar skidded 3.42 percent, Adani Total Gas went lower by 3.21 percent and Adani Green Energy dipped 1.50 percent.
In the equity market, the 30-share BSE Sensex fell 259.52 points or 0.41 percent 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.
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