For the third trading session in a row, most of the group firms dropped, with Adani Total Gas falling 20%, Adani Green Energy dropping 19.99%...
Digital Desk: Shares of most Adani Group firms ended lower on Monday, a day after it released a 413-page response to allegations of misconduct brought by US-based short seller Hindenburg Research. Since Tuesday last week to Monday, the group firms' market valuation has dropped by more than Rs 5.56 lakh crore. Stock markets were closed on Thursday on account of Republic Day.
For the third trading session in a row, most of the group firms dropped, with Adani Total Gas falling 20%, Adani Green Energy dropping 19.99%, Adani Transmission dropping 14.91%, and Adani Power declining 5%. Adani Wilmar shares dropped 5%, NDTV shares dropped 4.99%, and Adani Ports shares dropped 0.29% on the BSE. However, the stock of Adani Enterprises rose by 4.21%, Ambuja Cements increased by 1.65%, and ACC climbed by 1.10%.
After damaging allegations were made by Hindenburg Research on Friday, the Adani group's stocks dropped up to 20%. Meanwhile, equity benchmarks, Sensex and Nifty, ended in the green on Monday.
The 30-share BSE benchmark closed 169.51 points higher at 59,500.41 points, while the Nifty gained 44.60 points to 17,648.95 points.
Gautam Adani's group voiced optimism on Sunday that its flagship firm Adani Enterprises' Rs 20,000 crore Follow on Public Offer (FPO) will go through despite a significant drop in the conglomerate's shares. "The statement from Adani Enterprises that the FPO is on schedule and that there is no change in the price band is hugely important. This can be interpreted as a reflection of the confidence of the management in the success of the FPO," V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said.
Meanwhile, Hindenburg Research has rejected the Adani group's claim that its report was an attack on India, stating that a "fraud" cannot be masked by nationalism or a bloated response that neglected major claims.
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