Adani Group Stocks Live Updates: Hindenburg receives show-cause notice from SEBI

Adani Enterprises stock declined 1.06% on the NSE to trade at ₹3,150.05 as of 1.21 pm.

Find here all the live updates related to Sensex, Nifty, BSE, NSE, share prices and Indian stock markets for July 2, 2024.

Adani Energy Solutions (+2.73%)

ATGL (+2.59%)

NDTV (+1.46%)

Ambuja Cements (+0.87%)

Adani Wilmar (+0.86%)

ACC (-0.28%)

Adani Green Energy (-0.38%)

Adani Power ( -0.54%)

Adani Ports (-1.12%)

Adani Enterprises (-1.32%)

1. For June 2024, APSEZ clocked 37 MMT of cargo volume (+12% YoY), led by growth in Containers (+33% YoY) and Liquids & Gas (+8% YoY). Kattupalli Port handled cargo volume of 1.36 MMT. 

2. For the quarter ended 30 June 2024, APSEZ clocked 109 MMT of total cargo (+7.5% YoY). The growth in cargo was primarily driven by Containers (+18%) and Liquids & Gas (+11%) 

3. Within the logistics segment, quarterly rail volumes stood at 156,590 TEUs (+19% YoY) and GPWIS volumes were at 5.56 MMT (+28% YoY). 

Adani Ports & SEZ stock trades at ₹1,474.90 on the NSE, up 0.03% as of 12.09 pm.

Adani Energy Solutions (+4.37%)

ATGL (+4%) 

NDTV (+3.36%) 

ACC (+2.50%)

Adani Wilmar (+2.12%) 

Adani Green Energy (+1.05%) 

Adani Power ( +1.23%)

Ambuja Cements (+0.79%) 

Adani Ports (+0.65%) 

Adani Enterprises (-0.21%) 

Hindenburg Research has said that contrary to claims made by Indian regulatory authorities that it had a massive financial windfall from its short position in Adani’s securities, it had made only $4 million in gross revenue. Read more

Shares of Kotak Mahindra Bank declined 2% as its name emerged in Hindenburg’s response. 

The New York-based firm, Hindenburg, in a statement, said it had while putting out the report that alleged “brazen stock manipulation and accounting fraud scheme over the course of decades” at the Adani group, disclosed that it was short on Adani (meaning it had anticipated a fall in the value of stock and thus traded on it).

It disclosed that Kotak Bank created and oversaw an offshore fund structure that was used by its “investor partner” to be against the conglomerate but hastened to add that it may “barely come out above breakeven” on its trade.

Without disclosing the name of the investor, Hindenburg said it made $4.1 million in gross revenue through “gains related to Adani shorts from that investor relationship” and just 31,000 through its short position of the conglomerate’s US bonds.

Adani group has repeatedly denied all allegations.

“After 1.5 years of investigation, SEBI identified zero factual inaccuracies with our Adani research. Instead, the regulator took issue with things like our use of the word ‘scandal’ when describing multiple prior instances of Adani promoters being charged with fraud by Indian regulators, and our quoting of an individual that alleged SEBI is corrupt and works ‘hand in glove’ with conglomerates like Adani to help it skirt regulations,” it said. Read more

The notice alleged that the short-selling hedge fund engaged in fraudulent and unfair trade practices concerning trading in Adani Enterprises’ stock and violated Indian regulations. Read more

ATGL (+4.05%) 

Adani Energy Solutions (+2.40%) 

NDTV (+1.89%) 

Adani Wilmar (+1.16%) 

Adani Green Energy (+0.77%) 

Ambuja Cements (+0.50%) 

Adani Ports (+0.27%) 

Adani Power ( +0.24%) 

ACC (+0.93%) 

Adani Enterprises (-0.42%)