Hey All,
The Hindenburg Research - titled Adani Group: How The World’s 3rd Richest Man Is Pulling The Largest Con In Corporate History has led to the crash of Adani Group Stocks. The report goes on to accuse Adani Group of conducting stock manipulation and accounting fraud scheme for almost a decade now. The full details of the report and accusation can be read on the Hindenburg website under report that was Published on January 24, 2023. As a result of which in the last couple of trading sessions most of the Adani Group Stocks has taken hefty beating; where most of the shares have tanked more than 60+% and even much more. The same is reflected in the following image::
Hindenburg Research has done a huge damage already accounting to Millions of Dollars to the Adani Group. And still the investigation continues as to whether the allegation are true or not. To their research the Adani Group prepared a 413-page response. But this didn't bring any good to the markets and their stocks continue to tank downwards and closing on lower circuits and breaking their all times lows for almost most of their group stocks like; Adani Enterprises, Adani Total Gas, Adani ports, Adani Wilmar and many others...
In a 413-page response, the Adani Group said, “This is not merely an unwarranted attack on any specific company but a calculated attack on India, the independence, integrity and quality of Indian institutions, and the growth story and ambition of India.”
RBI [Reserve Bank of India], has asked details from banks for the exposure to Adani group. And it looks like banks have stated that the exposure of risk is limited that is backed by adequate cash flows and there is no worry on repayments at present. But that is a big question market at the moment? Where we are seeing Adani Group Stocks Continue To CRASH. On the other front Market regulator SEBI[Securities and Exchange Board of India] is undertaking a full-scale examination of the fall in shares. So we are yet to hear around SEBI findings on this matter. All this saga has led to the Indian market SENSEX and NIFY fall drastically and on Friday we did see some recovery where both the markets closed on a positive note; with Sensex ended at 60,841.88, up by 909.64 points or 1.52 per cent, the broader market Nifty 50 closed at 17,854.05, higher by 243.65 points or 1.38 per cent. Looking forward to Monday trading session and see if the downfall for Adani Group Stocks Continue To CRASH OR finally if there is an halt to downward pressure of lower circuits being formed for Adani Group Stocks...
Adani Vs Hindenburg Saga - Adani Group Stocks Continue To CRASH...
#adani #hindenburg #stocks #sensex #crash #adanigroup #research
Best Regards
Image Credits:: youtube, moneycontrol, indianexpress