Aug 12, 2024 11:28 AM IST
Adani Green Energy shares were among the worst hit as it suffered a loss of 7% to hit the day’s low at ₹1,656 on BSE.
Shares of Adani Group companies fell up to 7% leading to investors losing around ₹53,000 crore as the combined market capitalization of 10 Adani stocks falling to ₹16.7 lakh crore. This comes after allegations were leveled against Sebi chief by US short seller Hindenburg in a report which alleged that Madhabi Puri Buch and her husband Dhaval Buch had stakes in Bermuda and Mauritius-based offshore funds used by Gautam Adani’s brother Vinod Adani “to amass and trade large positions in shares of the Adani Group”.
Which Adani stock was worst hit?
Adani Green Energy shares were among the worst hit as it suffered a loss of 7% to hit the day’s low at ₹1,656 on BSE.
What about other Adani stocks?
Adani Total Gas shares were down around 5% and Adani Power 4%. Adani Wilmar, Adani Energy Solutions and Adani Enterprises were lower by 3%. Shares of Nifty stock Adani Ports was down around 2%.
What Hindenburg alleged in its report?
Hindenburg raised questions in the report on whether Sebi can be trusted as an objective arbiter in the Adani matter. Madhabi Puri Buch denied all allegations and Sebi issued a statement saying that the markets regulator chief had made relevant disclosures required in terms of holdings of securities and their transfers. The statement said, “Chairperson has also recused herself in matters involving potential conflicts of interest.”
Sebi said out of the 24 matters it was investigating, one more investigation was completed in March 2024. It said, “During the ongoing investigation in this matter, more than 100 summons, around 1,100 letters and emails have been issued to seek information. Further, more than 100 communications have been made seeking assistance from domestic/foreign regulators and external agencies. Also more than 300 documents containing around 12,000 pages have been examined.”