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Adani Share Price Depreciates By 20% On Fraud Allegation By Hindenberg

For the second straight session on Friday, January 27, shares of Adani Group companies were heavily pressured by sellers. Adani Ports and Special Economic Zone shares fell as much as 15%, Adani Enterprises shares fell 10%, and shares of Adani Power, Adani Wilmar, Adani Total Gas, and Adani Transmission were locked in at 5% and 20% lower circuits, respectively. A study by forensic financial research company Hindenburg Research, which accused the Adani group of fraud, was what caused the decline in share prices.

Adani Share Price

The report, which was the result of two years of research and investigation, claimed that the Adani group had committed accounting fraud and stock manipulation and that Gautam Adani, the group’s founder, had accumulated a net worth of nearly $120 billion primarily as a result of stock price growth over the previous three years. Additionally, it claimed that during the same time period, the six major listed firms in the group increased by an average of 819%.

Just as Adani Enterprises’ Rs 20,000crore follow-on-public offer (FPO) opened for subscription on Friday, news of the Adani group’s stock slide broke. The business raised over Rs 6,000 crore from anchor investors prior to the FPO. However, Adani Enterprises shares fell below its FPO price range of Rs 3,112-3,276 per share, causing analysts to worry that the FPO may not be approved.


Adani Share Price

The Adani Group responded to the Hindenburg study by stating that it is considering legal alternatives to “punish” Hindenburg Research for its “reckless” attempt to thwart a share sale at the conglomerate’s leading company. On the other side, Hindenburg Research has asserted that it stands by its findings and that any legal action brought against the company will be “meritless.”

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From the Editorials Team of CultsByte.

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