Adani Enterprises shares tank 15%; most group firms also fall
The Hindu
Adani Group stocks have taken a beating on the bourses in the recent time after Hindenburg Research made a litany of allegations in its report
Shares of Adani Enterprises tumbled 15% in morning trade on February 2, a day after the firm said it has decided not to go ahead with its ₹20,000-crore Follow-on Public Offer (FPO) and will return the proceeds to investors.
The stock tanked 15% to ₹1,809.40 on the BSE.
Other group firms also continued to remain weak for the 6th day in a row, with shares of Adani Ports declining 14%, Adani Transmission falling 10%, Adani Green Energy (10%), Adani Total Gas (10%), Adani Wilmar (5%), NDTV (4.99%) and Adani Power (4.98%).
Many of the group firms also hit their lower circuit limits during the early trade.
However, shares of Ambuja Cements jumped 9.68% and ACC climbed 7.78% in morning trade.
Adani Group stocks have taken a beating on the bourses in the recent time after Hindenburg Research made a litany of allegations in its report, including fraudulent transactions and share price manipulation at the Gautam Adani-led group.
Adani Group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements.
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