New Delhi. Amid the new report of Hindenburg, the shares of eight out of the 10 listed companies of the Adani Group closed with a decline on Monday. Amid this decline, the market valuation of the group companies collectively declined by Rs 22,064 crore. The total market capitalization of the group companies is Rs 17 lakh crore. In a report released on Saturday, American research and investment firm Hindenburg Research has made several allegations against the Adani Group as well as market regulator SEBI chief Madhavi Puri Buch.
Due to the impact of this report, the shares of the group companies were trading with a decline in the initial trade. But after some time the decline reduced to a great extent. At the end of trading on BSE, Adani Wilmar’s share fell by 4.14 percent, Adani Total Gas by 3.88 percent, Adani Energy Solutions by 3.70 percent, NDTV by 3.08 percent, Adani Ports by 2.02 percent, Adani Enterprises by 1.09 percent, ACC by 0.97 percent and Adani Power by 0.65 percent.
However, the stock of group company Ambuja Cements closed up 0.55 percent and Adani Green Energy closed up 0.22 percent. At one point during trading, the stock of Adani Energy Solutions fell 17 percent, Adani Total Gas 13.39 percent, NDTV 11 percent and Adani Power 10.94 percent. Adani Green Energy stock fell 6.96 percent, Adani Wilmar 6.49 percent, Adani Enterprises 5.43 percent, Adani Ports 4.95 percent, Ambuja Cements 2.53 percent and ACC 2.42 percent. Hindenburg has said in its report that Securities and Exchange Board of India (SEBI) Chairperson Madhabi Puri Buch and her husband Dhabal Buch had made undeclared investments in obscure foreign funds in Bermuda and Mauritius.
He said that these are the same funds that were allegedly used by Vinod Adani to embezzle money and increase the share prices of group companies. Vinod Adani is the elder brother of Adani Group Chairman Gautam Adani. Adani Group has denied any commercial transaction with the SEBI chief. Asset management unit 360One (formerly known as IIFL Wealth Management) said in a separate statement that Buch and her husband Dhawal Buch’s investment in IPE-Plus Fund 1 was less than 1.5 per cent of the total investment and it did not invest in Adani Group shares.
