Most Adani group companies’ shares fell on Monday, a day after the company issued a 413-page response to claims of malfeasance levelled by a US-based short seller, Hindenburg Research.
Details about Adani Group enterprises lost Rs 5.56 lakh crore in market capitalization in 3 days
Since Tuesday last week to Monday, the group firms’ market valuation has dropped by more than Rs 5.56 lakh crore.
The stock market was closed on Thursday in observance of Republic Day.
For the third trading session in a row, most of the group companies fell, with Adani Total Gas falling 20%, Adani Green Energy falling 19.99%, Adani Transmission falling 14.91%, and Adani Power falling 5%.
On the BSE, Adani Wilmar plummeted 5%, NDTV fell 4.99%, and Adani Ports fell 0.29 percent.
However, Adani Enterprises’ stock rose 4.21 percent, Ambuja Cements’ stock rose 1.65 percent, and ACC’s stock rose 1.10 percent.
The Adani group’s shares dropped up to 20% on Friday after Hindenburg Research made scathing charges.
Meanwhile, the Sensex and Nifty closed in the green on Monday.
The benchmark 30-share BSE index finished 169.51 points higher at 59,500.41 points, while the Nifty gained 44.60 points to 17,648.95 points.
Gautam Adani’s group voiced optimism on Sunday that its flagship firm Adani Enterprises’ Rs 20,000 crore Follow on Public Offer (FPO) will go ahead despite a significant drop in the conglomerate’s shares.
“The declaration from Adani Enterprises that the FPO is on schedule and that the pricing band has not changed is critical. This might be regarded as a reflection of management’s belief in the FPO’s success “Geojit Financial Services’ Chief Investment Strategist, V K Vijayakumar, stated.
Meanwhile, Hindenburg Research has dismissed the Adani group’s claim that its research was an attack on India, claiming that a “fraud” cannot be masked by nationalism or a bloated response that neglected major claims.