After a study by Hindenburg Research accused the Adani Group of accounting crimes, stock manipulations, and money laundering, shares of Adani Power were caught in the lower circuit in early trade and fell for the third straight session today. Despite the good mood in the overall market today, shares of Adani Power fell 5% to Rs 236.65. In the previous three sessions, the stock dropped 15%.
The value of Adani Power shares fell to Rs 90,888 crore. The stock’s BSE opening was 5% lower. The price of Adani Power is now below the 5-day, 20-day, 50-day, 100-day, and 200-day moving averages. With today’s decline, the stock’s 2023 decline is now 21.29 percent. Even with today’s price adjustment, the stock has nonetheless increased 122.52% in a year. However, even after taking into account today’s decline, the stock has increased 122.52% in a year. 4.40 lakh shares of the company were traded in all, resulting in a turnover on the BSE of Rs 10.37 crore.
The Adani Group accused Hindenburg Research of not conducting adequate research and “copy-pasting” from the business filings in an exclusive interview with Business Today. Additionally, it said that they either conducted inadequate research or did so but mislead the public. Jugeshinder Singh, the chief financial officer of the Adani Group, spoke with Siddharth Zarabi, managing editor of Business Today Television. According to Singh, Hindenburg has to explain why they lied about the inquiries they made of the Adani Group in their report.
The Adani Group equities have seen negative sentiment over the past three days as a result of research by Hindenburg Research last week that alleged accounting crimes, stock manipulations, and money laundering. According to Adani Group, Hindenburg’s report was unresearched and written with malice, which had a negative impact on the Adani Group, its shareholders, and investors.
The Hindenburg report’s timing, according to Adani Group, plainly reveals a blatant, malicious aim to damage the group’s reputation with the primary goal of undermining Adani Enterprises’ follow-on public offering, which is the largest FPO in Indian history.
At 9.56 am today, the Sensex was up 52 points, or 0.08 percent, at 59,382, while the Nifty was up 47 points, at 17,651.
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