Adani Group stocks tanked today with flagship Adani Enterprise share price sinking 9.7% to Rs 2,162.85 after a Bloomberg report suggested that US authorities were looking into representations that Adani Group made to American investors following Hindenburg Research’s report. The US Attorney’s Office in Brooklyn, New York, has sent inquiries in recent months to investors with large holdings in Adani Group, focused on what the Adani Group told them, the report stated. The US Securities and Exchange Commission (SEC) also has a similar probe underway.
Adani Ports and Special Economic zone shares plunged 5.7% to Rs 702.85 today, Adani Power shares tumbled 6.15% to Rs 241, Adani Transmission sank 8.28% to Rs 738.15, Adani Green Energy shares were down 3.71% at Rs 938, Adani Total Gas was down 3.83% to Rs 630, Adani Wilmar shares were fell 3.8% to Rs 402.4. NDTV, Ambuja Cement and ACC stocks were also trading in red. Adani groups market capitalization today slipped below Rs 10 lakh crore as the stocks continued to plunge.
On January 24, US based short seller, Hindenburg Research published a report, where it accused Gautam Adani and his brothers of fraud and stocks manipulation through offshore shell companies. Adani group has already refused the allegations saying that Hindenburg’s report was nothing “short of a calculated securities fraud.”