The Hindenburg Research Group opened up the pools of the Indian economy. Another report on Adani Group said that the group’s shares fell by as much as 17 percent.
According to Indian media, the US agency claimed that classified documents revealed that Securities and Exchange Board of India (SEBI) chairperson Madhabi Puri Buch participated in unspecified offshore entities used in the “Adani money siphoning scandal”.
On the other hand, Adani Group has strongly denied these allegations. Sebi chief Madhabi Boch and her husband termed the allegations as ‘baseless’ and ‘character assassination’.
Adani Group stocks saw a sharp fall in the wake of these claims. Adani Power fell 10.94 percent, hitting a low of Rs 619 on the Bombay Stock Exchange (BSE). Adani Enterprises fell 5.27 percent to a low of Rs 3,018.55.
The Hindenburg Group has again hinted at creating a threat in the Indian economy
Adani Energy Solutions was the biggest loser in early trade, falling 17.06 percent to Rs 915.70 before partially recovering. Adani Green Energy fell 6.96 percent to Rs 1,656.05.
The Hindenburg Research Group report revealed links between the IPE Plus Fund, where Sebi Chairperson Madhabi Boch had investments, and the Adani Group.
Anil Ahuja, founder and chief investment officer of IPE, had earlier served as director of Adani Enterprises and Adani Power.
In response, the Adani Group said Anil Ahuja’s role during this period was that of a nominee director representing the 3i investment fund and had no direct business relationship with the said persons.
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2024-08-14 22:14:45
