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New Delhi: Today, Adani Group shares are witnessing a sell-off. All the shares of the company are trading in the red. This decline has come due to the Hindenburg Research Report.
US short-seller Hindenburg Research alleged that SEBI chairperson Madhabi Puri Buch and her husband had invested in shadowy offshore funds in Bermuda and Mauritius and that Vinod Adani had used the funds to round-trip and drive up stock prices.
The impact of these allegations by Hindenburg was seen on the company's shares today. Shares of all 10 companies of Adani Group fell in early trade. The biggest fall was seen in the shares of Adani Energy.
Condition of Adani Group shares
Adani Group shares are trading with a huge decline. In early trade, Adani Energy shares fell by 17 percent. Adani Total Gas shares fell by 13.39 percent. NDTV stock fell by 11 percent and Adani Power shares fell by 10.94 percent.
Similarly, shares of Adani Green Energy fell by 6.96 per cent, Adani Wilmar stock fell by 6.49 per cent, Adani Enterprises shares fell by 5.43 per cent, Adani Port shares fell by 4.95 per cent, Ambuja Cement shares fell by 2.53 per cent and ACC shares fell by 2.42 per cent.
Why did the stock fall?
On Saturday, Hindenburg Research in its report accused Sebi Chairperson Madhabi Puri Buch and her husband of investing in shadowy offshore funds in Bermuda and Mauritius. The same funds were also accused of round-tripping funds by Vinod Adani and inflating stock prices.
However, this allegation led to an exchange of accusations between Madhabi Puri Buch and Hindenburg. Madhabi Puri Buch responded to the allegations levelled by the firm and said that the firm was trying to attack SEBI's credibility and "character assassination".
Buch and her husband Dhaval Buch said in a joint statement on Sunday that the investment was made in 2015. This means that the investment was made even before her appointment as a full-time member of SEBI. Madhabi Puri Buch was promoted as chairman in March 2022.
Hindenburg said SEBI was tasked with investigating investment funds related to the Adani case, including funds invested in personally by Ms Buch and funds by the same sponsor that were specifically highlighted in our original report. This is clearly a major conflict of interest.
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