New Delhi : Shares of Adani Group remained under pressure on Friday as well and fell 20 per cent in early deals. American financial research company Hindenburg Research has made several allegations against the group. The Hindenburg report accused the group, led by industrialist Gautam Adani, of engaging in “blatant stock manipulation and accounting fraud”. After this allegation of the company, there was a big fall in the shares of the listed companies of the diversified business group.
Shares of Adani Total Gas fell 19.65 per cent, Adani Transmission 19 per cent, Adani Green Energy 15.50 per cent and Adani Enterprises 6.19 per cent. Shares of Adani Ports and Special Economic Zone fell 5.31 per cent, Adani Wilmar 5 per cent and Adani Power 4.99 per cent.
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The Adani Group on Thursday said it is exploring legal options to seek “punitive action” against US financial research firm Hindenburg Research for acting “recklessly” in an attempt to sabotage share sales of its flagship company. Used to be. At the same time, American financial research company Hindenburg Research said that it stands by its report.
The lead head of the group, Jatin Jalundhwala, said, “Hindenburg Research published the report on January 24, 2023 against the group with malafide intention without any research and full information.” This has adversely affected the Adani Group, our shareholders and investors. The ups and downs in the Indian stock market brought about by the report is a matter of great concern….
He said that the report and its baseless statements were nothing but designed to harm the share prices of Adani group companies. Jalundhwala said, “A foreign entity has made a deliberate and reckless attempt to mislead the investor community and the general public. He has maligned the Adani Group, its leadership and maligned the sale of the FPO (FOLLOW PUBLIC OFFER) of our flagship company Adani Enterprises. We are deeply troubled by his antics.
“We are looking into settlement and punitive action against Hindenburg Research under US and Indian law,” he said. Earlier on Wednesday, American financial research firm Hindenburg had said that after two years of its research, it had found that the Adani group had been involved in “blatant stock manipulation and accounting fraud” for decades. (agency)