Adani group shares plunge 18% in Hindenburg report aftermath; Adani Power, Wilmar hit lower circuit
时间:2024-06-26 05:56:21 阅读(143)
Adani group share tumbled up to 18% on Friday in the aftermath of the 103-page report released by US-based forensic financial research firm Hindenburg Research, which alleged accounting fraud, stock manipulation and improper use of offshore tax havens by the group. Continuing the sell-off seen on Wednesday, Adani Enterprises shares fell more than 3% to Rs 3,282 on Friday, Adani Ports fell 4%, Adani Power hit 5% lower circuit. Adani Transmission shares plunged 15% on BSE to Rs 2,120 apiece, Adani Green Energy tumbled 11%, Adani Total Gas was down 18%, Adani Wilmar shares also tanked 5%.
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. Adani group called the report baseless, and that it had adversely affected its shareholders and investors.
In response, Hindenburg Research said, “Regarding the company’s threats of legal action, to be clear, we will welcome it. We fully stand by our report and believe any legal action against us would be meritless.” The statement went on to add, “If Adani is serious, it should also file suit in the US where we operate. We have a long list of documents we would demand in a legal discovery process.”
Billionaire investor William Ackman in a tweet on Thursday said that he found short-seller Hindenburg Research’s report on Adani Group “highly credible and extremely well researched.” “We are not invested long or short in any of the Adani companies… nor have we done our own independent research,” Ackman said in a tweet.
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