Adani stocks circuit limits revised; these 3 shares’ limits cut to 10% from 20%, check which one hit it today

Adani stocks circuit limits revised; these 3 shares’ limits cut to 10% from 20%, check which one hit it today

Three Adani Group stocks, Adani Total Gas, Adani Green Energy and Adani Transmission, have their circuit limit narrowed down from 20% to 10% after two continuous days of fall. Today too, Adani Total Gas hit the revised lower circuit of 10% soon after opening. The other two stocks Adani Green Energy and Adani Transmission were down 8% and 3%, respectively. Following the report from Hindenburg Research, which alleged the Adani Group knowingly engaged in stock manipulation and improper usage of tax havens and money laundering, the Group’s seven listed stocks have seen the impact of the controversial report erode their share price.

Earlier Monday, after a choppy session, five out of seven Adani Group scrips ended deep in red, which amounted to over $65 billion in losses since the publication of the report. Adani Total Gas, Adani Green Energy and Adani Transmission have continued to extend losses, with Adani Total Gas and Adani Green Energy hitting their lower circuits on Monday, while Adani Transmission fell over 15% on Monday.

For the unversed, Hindenburg Research’s report titled ‘Adani Group: How The World’s 3rd Richest Man Is Pulling The Largest Con In Corporate History’ 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.