Investors Lose ₹53,000 Crore as Adani Stocks Plunge
Adani denies allegation
North News
Chandigarh, August 12
Adani Group stocks took a significant hit, leading to a massive loss of ₹53,000 crore in market value. The sharp decline followed a report from US short-seller Hindenburg Research, which alleged connections between SEBI chief Madhabi Puri Buch and offshore funds used by Gautam Adani’s brother, Vinod Adani, The Hindustan Times reported.
The news outlet highlighted that the report accused Buch and her husband of holding stakes in Bermuda and Mauritius-based offshore funds involved in the Adani Group’s stock trading activities.
Adani Green Energy was particularly affected, with shares plummeting 7% to ₹1,656 on the BSE, marking one of the worst declines among the group’s companies. The market capitalization of the 10 Adani stocks collectively fell to ₹16.7 lakh crore, deepening investor concerns amid ongoing scrutiny, the news outlet report said.
The Adani group in an official release said that the latest allegations by Hindenburg are malicious, mischievous and manipulative selections of publicly available information to arrive at pre-determined conclusions for personal profiteering with wanton disregard for facts and the law. We completely reject these allegations against the Adani Group which are a recycling of discredited claims that have been thoroughly investigated, proven to be baseless and already dismissed by the Hon’ble Supreme Court in March 2023, the Adani Group said.
The Adani Group’s statement said that it is reiterated that our overseas holding structure is fully transparent, with all relevant details disclosed regularly in numerous public documents. Furthermore, Anil Ahuja was a nominee director of 3i investment fund in Adani Power (2007-2008) and, later, a director of Adani Enterprises until 2017.
The Adani Group has absolutely no commercial relationship with the individuals or matters mentioned in this calculated deliberate effort to malign our standing. We remain steadfastly committed to transparency and compliance with all legal and regulatory requirements.
For a discredited short-seller under the scanner for several violations of Indian securities laws, Hindenburg’s allegations are no more than red herrings thrown by a desperate entity with total contempt for Indian laws, the Adani Group said.
