Adani Enterprises, four other Group shares hit lower circuit; all Adani shares tank up to 30% even after FPO
时间:2024-09-27 18:48:57 阅读(143)
As the effects of the Hindenburg Report continue to wreak havoc on Adani Group’s listed companies, all seven of Adani group shares fell sharply on Wednesday. A day after the Adani Enterprises FPO (follow-on public offer) received full subscription, Adani Enterprises snapped a two-day winning streak, dropping over 30% intraday. The share price for the conglomerate dropped below the FPO floor price of Rs 3,112, giving up the 3000 level to close at Rs 2,179.75.
As the Adani Group comes under fire from US forensic financial research firm Hindenburg Research, which alleged the multinational corporation engaged in money laundering, financial fraud, misuse of tax havens and stock market manipulation, the listed Adani Group companies have seen a cumulative loss of over $60 billion.
Other Adani companies such as the Adani Transmission fell sharply in trade intraday but pared its losses to close mild in red at 0.8%. Despite the Union Government’s thrust for green energy in the Budget 2023, Adani Green Energy settled 5.19% lower.
The Group’s performance takes a turn from the close on Tuesday. “The panic seen in Adani stocks in the past three sessions was missing today. The uncertainty over the FPO was a major overhang and its success should be a positive for the group stocks. The list of investors in the FPO will also be keenly watched,” said B Gopkumar, CEO, Axis Securities about the performance of Adani firms’ shares.
Hindenburg Research’s report alleged that Gautam Adani, founder and chairman of the Adani Group, had amassed a net worth of roughly $120 billion, adding over $100 billion in the past three years, largely through stock price appreciation in the group’s seven key listed companies, which had spiked 819% on an average of during the period.
The Adani Group called the report baseless, and that it had adversely affected its shareholders and investors. In a 413-page response, the conglomerate said the report was driven by “an ulterior motive” to “create a false market” to allow the US firm to make financial gains. Hindenburg Research, in its reply to Adani Group’s response, called out the Group for not answering questions.
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