Adani Group shares fall after ‘stock manipulation, accounting fraud’ claim

PTI, Jan 26, 2023, 11:37 AM IST

AFP photo

Shares of Adani Group companies tanked on Wednesday following a report which alleged that the conglomerate was “engaged in brazen stock manipulation and accounting fraud over the decades”.

Shares of Adani Transmission fell 8.87 per cent to close at Rs 2,511.75 per scrip on the BSE. Besides, Adani Ports & SEZ plunged 6.30 per cent to settle at Rs 712.90 per share.

In addition, scrip of Adani Total Gas dived 5.59 per cent to end at Rs 3,668.15 apiece, while shares of Adani Wilmar and Adani Power tanked 5 per cent to settle the day at Rs 544.50 and Rs 261.10 per piece.

Shares of Adani Green Energy dipped 3.04 per cent and Adani’s flagship company Adani Enterprises declined 1.54 per cent.

Recently acquired cement players — Ambuja Cements and ACC — were also down by over 7 per cent, whereas its media firm New Delhi Television (NDTV) fell by 5 per cent on the BSE.

In the broader market, the 30-share BSE Sensex tumbled 773.69 points or 1.27 per cent to settle at 60,205.06 on Wednesday.

Well-known US activist investor Hindenburg Research in a report has alleged that Adani Group was engaged in brazen stock manipulation and accounting fraud over the course of decades.

The report details a web of Adani-family-controlled offshore shell entities in tax havens spanning the Caribbean and Mauritius to the United Arab Emirates, which it claims were used to facilitate corruption, money laundering and taxpayer theft while siphoning off money from the group’s listed companies.

The report comes ahead of a Rs 20,000 crore follow-on share sale of Adani Group’s flagship Adani Enterprises.The Follow-on Public Offer (FPO) is slated to open on January 27 and close on January 31.

Reacting to the report, the conglomerate said, it was shocked to see the report that came out without any attempt to contact it to get the factual matrix.

“The report is a malicious combination of selective misinformation and stale, baseless and discredited allegations that have been tested and rejected by India’s highest courts,” the ports-to-energy conglomerate said in a statement.

It went on to question the timing of the report, saying its publication ahead of the FPO “clearly betrays a brazen, malafide intention to undermine Adani Group’s reputation with the principal objective of damaging” the issue.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

Amritpal backdated formation of ‘Warris Panj-Aab De’, sounding similar to Deep Sidhu’s outfit, to encash on his popularity: Documentsh

M’luru: Six Bajrang Dal workers held for disrupting Holi party

Badminton duo Satwik-Chirag win Swiss Open title

Amit Shah defends K’taka govt’s decision to scrap 4% reservation for Muslims, says quota based on religion not valid constitutionally

LVM3 rocket suited for Gaganyaan, it performed very well, says ISRO chief

Air India and Nepal Airlines aircraft almost collided mid-air; 2 air traffic controllers suspended

Mangaluru: Bajrang Dal workers raid Holi event in Maroli

Related Articles More

Crompton Greaves Consumer Electricals and kitchen appliance maker Butterfly announce merger

Soft drinks to soaps: Reliance unveils big price war plan

Markets to track global factors in holiday-shortened week; may face volatility: Analysts

Govt caps maximum GST cess rate on pan masala, tobacco; links rate to retail sale price

Five of top 10-firms lose Rs 86,447 crore in m-cap; Infosys, TCS, SBI hit hard


Mount Everest Story with Sunil Nataraj

World’s Most endangered animals

Mount Everest Story with Sunil Nataraj part 3

Remembering Puneeth Rajkumar


Latest Additions

Man held for blackmailing, sexually harassing girls on Instagram

National parties should support regional ones in their fight against BJP: Akhilesh

Maha: Fire erupts in forest area in Thane district; no fatalities

President Murmu on two-day tour of West Bengal from Monday, to visit Shantiniketan

Amritpal backdated formation of ‘Warris Panj-Aab De’, sounding similar to Deep Sidhu’s outfit, to encash on his popularity: Documentsh

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.