Adani Group Stocks, Adani Energy Share Price Highlights: Adani stocks dip although MSCI lifts restrictions in August 2024 index review

In a new twist to the ongoing Adani case, US-based short-seller Hindenburg Research has made serious allegations against SEBI Chairperson Madhabi Puri Buch and her husband, Dhaval Buch.

Hindenburg’s latest report alleges that the Buchs had stakes in obscure offshore funds linked to the Adani Group’s alleged money siphoning activities. The report details their investments in a complex offshore fund structure and suggests connections to the Wirecard scandal.

Additionally, it claims that Dhaval Buch took sole control of their joint investments shortly before Madhabi Buch’s appointment as SEBI chairperson in 2022, potentially to avoid scrutiny.

Watch the full video here.

Adani Group stock performance on the NSE

• Adani Total Gas ₹850 (+1.89%)
• Adani Energy Solutions ₹1,072.70 (+0.91%)
• Adani Green Energy ₹1,810 (+0.65)

• NDTV ₹202.70 (-0.01%)
• ACC ₹2,305.75 (-0.34%)
• Adani Power ₹686 (-0.80%)
• Adani Ports and SEZ ₹1,482 (-1.29%)
• Ambuja Cements ₹624.50 (-1.72%)
• Adani Wilmar ₹362.70 (-1.73)
• Adani Enterprises ₹3,085.70 (-2.10%)

Amid the raging row over the Hindenburg allegations, the Congress on Tuesday announced that it will hold a nationwide agitation on August 22 demanding SEBI Chief Madhabi Puri Buch’s resignation and a Joint Parliamentary Committee probe into the Adani issue.

The announcement was made after Congress President Mallikarjun Kharge held a meeting with all general secretaries, state unit chiefs and AICC state in-charges here as the party gets battle-ready for the upcoming round of assembly polls to discuss organisational matters and various issues of national importance for election preparedness.

x.com

(PTI)

• Adani Energy Solutions (+1.08%)
• Adani Total Gas(+1.79%)
• Adani Green Energy (+1.76)
• NDTV (+0.03%)

• ACC (-0.06%)
• Adani Power (-0.22%)
• Adani Ports and SEZ (-0.93%)
• Ambuja Cements (-1.52%)
• Adani Enterprises (-1.83%)
• Adani Wilmar (-2.22)

Adani Group stocks outlook as at 2.10 pm on the NSE

Gainers

• ​​Adani Total Gas​​ ₹858.50 (+2.91%)
• Adani Energy Solutions ₹1,085.30 (+2.10%)
• ​​Adani Green Energy​​ ₹1,834.30 (+2%)
• NDTV ₹202.90 (+0.08%)

Losers

• ​​ACC ​​₹2,309.20 (-0.19%)
• ​​Adani Power ​​₹689.40 (-0.30%)
• ​​Adani Ports and SEZ​​ ₹1,487.90 (0.90%)
• ​​Adani Wilmar​​ ₹364.80 (-1.16%)
• ​​Ambuja Cements​​ ₹627.75 (-1.21%)
• ​​Adani Enterprises​​ ₹3,110 (-1.32%)

A fresh plea has been filed in the Supreme Court following the recent Hindenburg issue as the petitioner complained of the Supreme Court Registrar’s alleged refusal to register the petition and urged the top court to direct the registry to register his miscellaneous application seeking compliance with the earlier top court’s order.

The fresh plea stated that due to the recent Hindenburg controversy, it becomes incumbent for SEBI to conclude the pending investigations and declare the conclusion of the investigations.

Advocate Vishal Tiwari has moved the fresh plea urging to allow his appeal against the lodgement order dated August 5, 2024, of the Registrar and to direct the registry to register the miscellaneous application.

According to the fresh plea, citing whistleblower Hindenburg alleged that SEBI Chairperson and her husband were involved in the same offshore Bermuda and Mauritius funds allegedly controlled by Vinod Adani, the elder brother of Adani Group Chairman Gautam Adani.

(ANI)

Adani Group stock outlook on the NSE as at 12.40 pm

• Adani Energy Solutions (+2.26%)
• Adani Total Gas(+2.33%)
• Adani Green Energy (+2.04)
• Adani Power (+0.21%)
• ACC (+0.01%)
• NDTV (+0.44%)

• Adani Ports and SEZ (-0.43%)
• Adani Wilmar (-0.61)
• Ambuja Cements (-0.95%)
• Adani Enterprises (-1.19%)

Listen to this bl podcast. We spoke to TT Ram Mohan, former Professor of Finance and Economics at IIM-Ahmedabad. He says that given that this is the chair of the markets regulator, it is important to ensure that due process has been followed and that appropriate disclosures have been made.

Click to listen

Hindenburg Research’s allegations against the SEBI chairperson have now gone beyond a debate between the ruling party and the opposition and are affecting the Centre’s credibility, BSP chief Mayawati said on Tuesday.

She also said that it would have been better if the Centre had ordered a high-level inquiry into the matter by now.

Hindenburg Research on August 10 alleged that SEBI Chairperson Madhabi Puri Buch and her husband Dhaval Buch had stakes in obscure offshore funds used in the alleged Adani money siphoning scandal.

Bahujan Samaj Party (BSP) chief Mayawati said in a post on X, “First the Adani Group and now the SEBI chief-related Hindenburg report are again in the news and the allegations and counter-allegations are continuing to such an extent that it is being said to affect the national interest. Despite the clarifications provided by Adani and SEBI, the issue remains on the boil.” “By the way, this issue is now beyond debate between the ruling party and the opposition and is affecting the goodwill (‘saakh’) and credibility of the Centre itself … It would have been better if the Centre had ordered a high-level inquiry, ie JPC or judicial inquiry, by now,” she said in Hindi.

Hindenburg Research’s allegations against Buch have triggered a political suggest with the Congress and other INDIA bloc parties demanding her removal and a Joint Parliamentary Committee (JPC) probe while the BJP accused the opposition of being a part of a conspiracy to create financial instability and chaos in India.

(PTI)

Adani Group stock outlook on the NSE as at 11.30 am

• Adani Energy Solutions (+2.55%)
• Adani Total Gas(+2.31%)
• Adani Green Energy (+1.90)
• Adani Wilmar (+0.35%)
• Adani Power (+0.46%)
• ACC (+0.84%)
• Adani Ports and SEZ (+0.26%)
• NDTV (+0.67%)

• Ambuja Cements (-0.17%)
• Adani Enterprises (-0.82%)

Track live updates here

Global index provider Morgan Stanley Capital International (MSCI) has announced the removal of the freeze on Adani Group stocks, a move that comes amid ongoing scrutiny following the Hindenburg Research allegations.

• Starting with the August 2024 Index Review, MSCI will implement changes.
• The adjustments will include updates to the Number of Shares (NOS), Foreign Inclusion Factor (FIF), and Domestic Inclusion Factor (DIF) for Adani Group and associated securities.
• The changes will take effect at the close of August 30 and will be fully implemented by September 2.
• MSCI clarified that it will also resume the regular implementation of corporate events for these securities from September 2 onwards.
• Despite lifting the freeze, MSCI emphasised that it will continue to closely monitor the Adani Group and associated securities, particularly concerning their free float status.
• The index provider stated that it would issue further communication if necessary, indicating that the group remains under observation.

​(Read more from ANI here)​

Shares of nine of the ten Adani group firms bounced back in early trade on Tuesday, a day after the stocks witnessed a sharp decline on the bourses.

On Tuesday, the stock of Adani Energy Solutions witnessed a sharp rebound and jumped 6 per cent, Adani Total Gas surged 4 per cent, NDTV went up by 2.56 per cent and Adani Green Energy climbed 2.55 per cent on the BSE.

Shares of Adani Wilmar went up 2.15 per cent, ACC (1.93 per cent), Adani Power (1.74 per cent), Adani Ports (1 per cent) and Ambuja Cements (0.43 per cent).

Adani Enterprises traded marginally lower during the early trade.

On Monday intra-day trade, the group firms faced drubbing after the US short-seller Hindenburg Research alleged that Sebi chairperson Madhabi Puri Buch and her husband had undisclosed investments in obscure offshore funds in Bermuda and Mauritius, the same entities allegedly used by Vinod Adani to round-trip funds and inflate stock prices.

(PTI)

Adani Group stock outlook on the NSE as at 10.30 am 

• Adani Energy Solutions ₹1,085.70 (+2.14%)
• Adani Total Gas ₹849 (+1.77%)
• Adani Green Energy ₹1,823.30 (+1.39%)
• Adani Wilmar ₹370.90 (+0.49%)
• Adani Power ₹694.75 (+0.47%)
• ACC ₹2,321.50 (+0.34%)
• NDTV ₹204 (+0.63%)

• Ambuja Cements ₹634.70 (-0.12%)
• Adani Ports and SEZ ₹1,492.25 (-0.61%)
• Adani Enterprises ₹3,118.35 (-1.06%)

Adani Green Energy Ltd, the renewable energy firm of billionaire Gautam Adani’s conglomerate, is expected to clock an operational capacity CAGR of over 30 per cent to reach more than 50 GW of capacity by 2030, a report said on Monday.

AGEL is targeting 6-7 GW of capacity additions annually to become the largest renewable energy producer in the world.

Initiating coverage of AGEL, brokerage Emkay said the firm’s renewable capacity would see more than 30 per cent compound annual growth rate (CAGR) from now till 2030 while improved capacity utilisation will drive a power sales CAGR of about 35 per cent. - PTI

Indian REITs Association on Monday said that claims made by the US-based short seller Hindenburg Research suggesting that the REIT framework made by markets regulator Sebi serves the interests of a select few are “baseless and misleading”.

In fact, the association has commended Sebi and its leadership for crafting a “rigorous regulatory environment” that includes comprehensive periodic reporting requirements, mandatory independent valuations, and strict governance standards.

These measures are designed to enhance transparency and protect investor interests, it added.

(PTI)

The BJP on Monday rejected the Congress’ demand for a JPC probe into Hindenburg’s allegation against the SEBI chairperson, saying it is a sham with an eye on weakening the Indian economy and destroying investment in the country.

BJP leader and former Union minister Ravi Shankar Prasad reiterated the party’s line that the short-selling firm’s charge and the opposition’s criticism of the market regulator are part of a wider conspiracy.

While India is being globally seen as a safe, stable and promising market, the Congress party wants to project that the Indian investment scenario is not safe, he alleged, suggesting that the opposition party was seizing on the “chits” provided by foreign entities to damage economy.

(PTI)

Majority of stocks declined: 

• Adani Wilmar ₹369.35 (-4.10%)
• Adani Total Gas ₹835.50 (-3.95%)
• Adani Energy Solutions ₹1,067.90 (-3.25%)
• Adani Ports and SEZ ₹1,498 (-2.33%)
• ACC ₹2,329 (-0.96%)
• Adani Enterprises ₹3,140.90 (-1.46%)
• Adani Power ₹687 (-1.21%)
• NDTV ₹203.50 (-2.32%)

Adani Group stocks ended in positive territory 

• Adani Green Energy ₹1,785 (+0.23%)
• Ambuja Cements ₹636.15 (+0.66%)

Hindenburg Research’s latest allegations may weaken SEBI Chairperson Madhabi Puri Buch’s case for reappointment next year, should she seek one, said market observers. 

“The government would have to stand by her and justify that she’s innocent and a scapegoat. It’ll be easy for the government to nominate someone with a clean track record rather than spend time in justifications. And, then, there is the question of institutional integrity,” said a securities lawyer. 

Read more

Majority of Adani stocks continue to trade negative

• Adani Wilmar (-4.27%)
• Adani Total Gas (-4.20%)
• Adani Energy Solutions (-3.68%)
• Adani Ports and SEZ (-2.11%)
• ACC (-1.60%)
• Adani Enterprises (-1.08%)
• Adani Power (-0.66%)
• NDTV (-2.85%)

Adani Group stocks trading in positive territory

• Ambuja Cements (+0.53%)

• Adani Green Energy (+0.47%)

Emkay recently initiated coverage on Adani Green Energy (AGEL) with a BUY rating and TP of Rs2,550/s

Majority of Adani stocks continue to trade negative

• Adani Total Gas (-3.72%)
• Adani Energy Solutions (-3.34%)
• Adani Wilmar (-3.27%)
• Adani Power (-0.55%)
• ACC (-0.94%)
• Adani Ports and SEZ (-1.61%)
• Adani Enterprises (-1.15%)
• NDTV (-2.20%)

Adani Group stocks trading in positive territory

• Adani Green Energy (+1.13%)
• Ambuja Cements (+1.31%)

Following the US-based short seller Hindenburg report and its allegations on market regulator SEBI chairperson Madhabi Buch, AICC General Secretary and MP, KC Venugopal on Monday said that the credibility of the Securities and Exchange Board of India (SEBI) is eradicated, demanding a Joint Parliamentary Committee (JPC) probe into the matter.

“It was a really shocking situation if the SEBI chairperson itself is involved in this entire episode. We are demanding a JPC inquiry on it. Earlier also, we demanded a JPC inquiry. I think they had given a misreading report to the Supreme Court earlier...I think SC will also take a suo moto case against this...The country is expecting that without any delay the SEBI chairperson should resign from the post...Now the credibility of SEBI is totally eradicated, how can she continue as a chairperson,” the Congress leader said.

(ANI)

Union Minister Giriraj Singh on Monday said Hindenburg Research has defamed the country in alliance with Congress and the “strictest action” will be taken against the US short-seller.

Hindenburg on Saturday launched a broadside against markets regulator SEBI Chairperson Madhabi Buch, alleging she and her husband Dhaval had stakes in obscure offshore funds used in the alleged Adani money siphoning scandal.

The duo has denied the allegations as baseless and asserted their finances are an open book.

The Adani Group termed the latest allegations malicious and based on manipulation of select public information. The company said it has no commercial relationship with the Sebi chairperson or her husband.

Talking to reporters on the sidelines of an event here, Singh, the Union Minister for Textiles, also came down heavily on Congress leaders Rahul Gandhi and Jairam Ramesh.

(PTI)

Adani Group stocks as at 1.30 pm on the NSE 

• Adani Total Gas: ₹829.90 (-4.59%) 

• Adani Energy Solutions: ₹1,058.90 (-4.07%) 

• Adani Wilmar: ₹370.70 (-3.75%) 

• Adani Ports and SEZ: ₹1,499.95 (-2.21%) 

• Adani Enterprises: ₹3,125.05 (-1.96%) 

• Adani Power: ₹682.35 (-1.88%) 

• Adani Green Energy: ₹1,758.45 (-1.26%) 

• ACC: ₹2,325.75 (-1.10%) 

• NDTV: ₹204 (-2.08%) 

• Ambuja Cements: ₹639.65 (+1.21%) 

“Rahul Gandhi’s agenda to create panic, Bangladesh-type situation in India,” Shehzad Poonawalla on Hindenburg report

Launching a scathing attack on Leader of Opposition Rahul Gandhi for his response over the Hindenburg report, BJP spokesperson Shehzad Poonawalla on Monday said that Rahul Gandhi’s agenda is only to create panic and instability so that a Bangladesh-type situation can be orchestrated in India.

The BJP leader said that the Hindenburg reports are well-planned and well-orchestrated for opposing one person, and one party.

“Hindenburg report seems to be like a well-planned and well-orchestrated hit job based on reports that are filled with contradictions., falsehoods by a discredited organisation like Hindenburg whose only job is to do short selling and create panic. It is already under investigation for this. It is also under investigation in America for this. But even then, the likes of Rahul Gandhi and his ecosystem ignored what the Supreme Court had said about the first Hindenburg report and the fact that the top court thrashed that report. It upheld the SEBI probe and said that the SEBI probe inspires confidence. All of this is put aside by Rahul Gandhi. Is Rahul Gandhi questioning the integrity of the Supreme Court,” Poonawalla told ANI.

All Adani stocks, except a cement stock, declined on the NSE as at 12.30 pm; Ambuja Cements stock traded flat 

• Adani Total Gas (-4.39%)
• Adani Energy Solutions (-3.60%)
• Adani Wilmar (-3.27%)
• Adani Power (-1.89%)
• ACC (-1.36%)
• Adani Ports and SEZ (-1.81%)
• Adani Enterprises (-1.58%)
• Adani Green Energy (-1.07%)
• NDTV (-2.37%)
• Ambuja Cements (+0.89%)

Amid the raging row over Hindenburg Research’s allegations against SEBI chairperson Madhabi Buch, the Congress on Monday demanded her resignation and urged the Supreme Court to transfer the Adani probe to the CBI or a Special Investigation Team given the “likelihood of SEBI’s compromise”.

The opposition party also reiterated that the path forward is to immediately convene a Joint Parliamentary Committee (JPC) to investigate the full extent of what it described as the “Modani mega scam” involving the “self-anointed non-biological PM and a perfectly biological businessman”.

(PTI)

The stock markets showed resilience on Monday during mid-trading, shrugging off concerns raised by the recent Hindenburg report.

Despite opening with a slight dip, both the BSE Sensex and Nifty 50 indices managed to recover during mid-day trading, moving into positive territory, indicating investor confidence and market strength.

BSE Sensex had climbed to 79,909 points, gaining 207 points. Similarly, the Nifty 50 rose by 56.05 points to reach 24,416 at the time of filing this report.

“As expected, the impact of the Hindenburg report on the stock markets has been muted. Even the impact on Adani group stocks has also been muted. Most market participants are now dismissive of the Hindenburg report. Any serious analysis of the report shows the shallow nature of the Hindenburg report, that only fans political outrage,” said Shriram Subramanian, Founder and MD, InGovern Research Services.

(PTI)

Adani Group companies shed as much as $19 billion in market value on Monday but recovered much of the losses after Hindenburg Research accused the head of India’s market regulator probing the group of having links to offshore funds also used by Adani.

In morning trade, the group’s flagship firm Adani Enterprises fell 2%, while Adani Ports, Adani Total Gas, Adani Green, Adani Power , Adani Wilmar and Adani Energy Solutions fell between 2% and 4.5%.

Adani Enterprises and Adani Ports were among biggest losers on the blue-chip Nifty 50 index, which reversed course from early losses to last trade up 0.4%. Total losses in morning trade fell to $9 billion after the early plunge.

“The allegations are coming for the second time. Lot of investigations have happened over the last year and a half. This is a temporary, knee-jerk reaction. Things will get back to normalcy,” said Sunny Agrawal, head of fundamental equity research at SBICAPS Securities.

(Reuters)

Stepping up its attack on the PM Narendra Modi government over the Hindenburg Research’s allegations against SEBI chairperson Madhabi Buch, the Congress on Monday threatened to launch a nationwide protest if its demand for a JPC (Joint Parliamentary Committee) probe into the matter is not accepted.

AICC general secretary (Organisation), K C Venugopal, described the allegations as “very serious” and accused the Prime Minister of supporting Adani on the matter.

“The Prime Minister’s silence on the matter amounts to a destruction of credibility,” Venugopal told reporters at the airport here.

He accused the union government of trying to divert people’s attention from the matter by using the Enforcement Directorate against Rahul Gandhi, the Leader of the Opposition in the Lok Sabha.

“Don’t try to threaten Rahul Gandhi with an ED notice. We will strongly oppose such diversionary tactics,” the Alappuzha MP said.

Venugopal said that “this is the most serious issue in the country” and warned that if their demand for a JPC probe is not accepted, they will go ahead with a strong protest.

(PTI)

Top losers on the NSE as at 12 noon 

NTPC (-1.67%), Apollo Hospitals (-1.60%), Adani Ports (-1.58%), Adani Enterprises (-1.43%), Dr Reddy’s Lab (-1.37%)

Adani Group stocks will remain in focus after the US-based short-seller Hindenburg Research last week in a sensational disclosure alleged that market regulator Securities and Exchange Board of India’s (SEBI) reluctance to act against the Adani Group might be linked to its chief Madhabi Puri Buch, having stakes in offshore funds associated with the conglomerate.

All Adani stocks decline; Ambuja Cements stock trades flat

• Adani Total Gas (-4.27%)
• Adani Energy Solutions (-3.20%)
• Adani Wilmar (-2.53%)
• Adani Power (-1.96%)
• ACC (-1.40%)
• Adani Enterprises (-1.38%)
• Adani Ports and SEZ (-1.20%)
• Adani Green Energy (-1.12%)
• NDTV (-2.14%)
• Ambuja Cements (+0.53%)

Equity markets and specifically Adani group stocks opened in the red following a fresh report by Hindenburg Research alleging conflict of interest on the part of SEBI chairperson Madhabi Puri Buch. At 10.20 am Sensex was down 188 points (0.24%). Adani Enterprises, Adani Ports, Adani Power, and other group shares lost as much as 5-6 per cent from the previous close during the morning session.

While Buch and SEBI dismissed the allegations by Hindenburg Research, the hedge fund issued a fresh statement asking Buch to disclose details of all the clients that were serviced by the offshore funds owned by her husband.

Read more

All the ten Adani group stocks slumped in early trade on Monday, with Adani Energy tumbling 17 per cent, after the US short-seller Hindenburg Research alleged that SEBI chairperson Madhabi Puri Buch and her husband had undisclosed investments in obscure offshore funds in Bermuda and Mauritius, the same entities allegedly used by Vinod Adani to round-trip funds and inflate stock prices.

Adani Energy Solutions nosedived 17 per cent, Adani Total Gas tanked 13.39 per cent, NDTV plunged 11 per cent and Adani Power dropped 10.94 per cent on the BSE.

Stocks of Adani Green Energy declined 6.96 per cent, Adani Wilmar slumped 6.49 per cent, Adani Enterprises tumbled 5.43 per cent, Adani Ports dived 4.95 per cent, Ambuja Cements skidded 2.53 per cent and ACC dipped 2.42 per cent.

Hindenburg Research had on Saturday alleged that SEBI chairperson Buch and her husband had undisclosed investments in obscure offshore funds in Bermuda and Mauritius, the same entities allegedly used by Vinod Adani - the elder brother of group chairman Gautam Adani - to round-trip funds and inflate stock prices.

Buch and her husband issued a statement calling Hindenburg’s latest tirade as an attack on the credibility of SEBI and attempted “character assassination”.

In the equity market, the 30-share BSE Sensex tanked 479.78 points to 79,226.13. The NSE Nifty dropped 155.4 points to 24,212.10.

Adani Group’s stocks fell after Hindenburg Research accused the head of India’s market regulator of having conflicts of interest that allegedly prevented a thorough probe into the US-based short seller’s claims of manipulation and fraud at the conglomerate.

Shares of Adani Enterprises Ltd., the group’s flagship, slid as much as 5.3% in early Mumbai trading on Monday, before paring some of their declines. Adani Energy Solutions Ltd. plunged as much as 17% as all of the conglomerate’s 10 stocks dropped. The NSE Nifty 50 Index, India’s equity benchmark, fell 0.5% to underperform the broader Asian market.

In a report published Saturday, Hindenburg said Madhabi Puri Buch — the chairperson of the Securities and Exchange Board of India — and her husband, Dhaval Buch, invested in offshore entities that were allegedly part of a fund structure in which Vinod Adani — the brother of billionaire Gautam Adani — also had investments. Buch denied the allegations.

The investments by the couple were made in 2015, two years before Buch joined Sebi, Hindenburg said, citing whistleblower information and other documents Bloomberg wasn’t able to verify. The fund structure is managed by India Infoline, a financial services and wealth management firm. Buch was appointed a full-time member of Sebi in 2017. In 2022, she was named chair.

The face-off between Hindenburg and Sebi is escalating weeks after the US-based firm was queried by the Indian regulator about its scathing report against Adani in early 2023.

The report sparked a selloff in Adani stocks, wiping out more than $150 billion in their combined market value at its worst. It led India’s top court to order a Sebi probe on possible Adani violations and any suspicious trading activity. Sebi has yet to make a case against the Adani Group.

(Bloomberg)

Indian shares declined on Monday, with all 10 Adani group stocks dropping after U.S. short-seller Hindenburg Research alleged the head of the country’s markets regulator held a stake in offshore funds used by the group.

The NSE Nifty 50 index was down 0.31% at 24,291.55, as of 10:18 a.m IST, and the S&P BSE Sensex shed 0.25% to 79,504.47.

Over the weekend, U.S.-based Hindenburg alleged that Madhabi Puri Buch, the head of the Securities and Exchange Board of India, previously held investments in offshore funds also used by the Adani Group. Buch denied the allegations, while SEBI asked investors to remain calm and exercise due diligence.

The Adani group stocks fell between 1% and 7%. The two Nifty constituents -- Adani Enterprises and Adani Ports -- fell 3.3% and 2.5%, respectively, the most on the benchmark.

Analysts said the decline in the Adani stocks and the broader market was unlikely to sustain and expect the Nifty to hold 24,000 levels and recover in a few sessions.

“(The) Indian markets have shown only a muted reaction ... (and) the drop in benchmarks is not much,” said Sunny Agrawal, head of fundamental equity research at SBICAPS Securities.

“Adani stocks are under pressure on the day. But this is a temporary, knee-jerk reaction. Ultimately, the stocks won’t react the way they did last year unless there are further follow-up allegations with serious merit.”

Still, eleven of the 13 major sectors logged losses and 36 Nifty 50 stocks dropped. The broader, small- and mid-caps shed 0.1% and 0.4%, respectively.

(Reuters)

Adani Group stocks movement at about 10.15 am

• Adani Total Gas trades at ₹826.55 (-4.98%)
• Adani Green Energy trades at ₹1,725.90, down by 3.09%
• Adani Power trades at ₹673, lower by 3.22%
• Adani Enterprises trades at ₹3,088.40, lower by 3.22%
• Adani Wilmar trades at ₹374.55, lower by 2.75%
• Adani Energy Solutions trades at ₹1,079.50 on the NSE, (-2.20%)
• ACC trades at ₹2,312.85 (-1.65%)
• Adani Ports and SEZ stock trades at ₹1,514.05, (-1.29%)
• Ambuja Cements trades at ₹639.35, (-0.42%)
• NDTV trades at ₹203.22 (-2.45%)

Follow bl’s stock market live updates here

Market regulator SEBI on Sunday said investors should remain calm and exercise due diligence before reacting to the report released by Hindenburg Research.

“Investors may also like to take note of the disclaimer in the report that states that readers should assume that Hindenburg Research may have short positions in the securities covered in the report,” Sebi said in a statement.

Read more

SEBI Chairperson Madhabi Puri Buch and her husband Dhaval Buch refuted the allegations made against them by American short-seller Hindenburg Research terming them as baseless and insinuations aimed at character assassination.

Read more

The Association of Mutual Funds in India has said the Hindenburg Research allegations against the capital market regulator Chairperson Madhabi Puri Buch is an attempt to create a hurdle in India’s endeavour to becoming a developed economy.

Investors and partners must rest assured that India’s financial system is secure, transparent and designed to foster growth and innovation with high integrity driven right from the top of the institution, said AMFI in a statement on Sunday.

The allegations not only attempt to undermine the Chairperson’s contribution to the Indian capital market but also undermine the country’s economic progress and creates a trust deficit in the market ecosystem by connecting random events done in the past, it said.

Read more

Adani group on Sunday said the latest allegations 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 spokesperson for Adani said.

Read more

Hindenburg Research’s latest allegations may weaken SEBI chairperson Madhabi Puri Buch’s case for reappointment next year should she seek one.

“The government would have to stand behind her and justify that she’s innocent and a scapegoat. It’ll be easy for the government to nominate someone with a clean track record rather than waste time in justifications. Also, there is the issue of institutional integrity,” said a legal expert.

Buch’s three-year tenure as SEBI Chairperson ends in March next year, unless she is given an extension.

​Read more​

SEBI chairperson Madhabi Puri Buch and her husband Dhaval Buch termed the allegations made by Hindenburg Research as baseless and denied the “insinuations made in the report.”

“In the context of allegations made in the Hindenburg Report dated August 10,2024 against us, we would like to state that we strongly deny the baseless allegations and insinuations made in the report. The same are devoid of any truth. Our life and finances are an open book. All disclosures as required have already been furnished to SEBI over the years,” they said in a joint statement.

Read more

In a new report published by Hindenburg, the hedge fund said “despite the existence of thousands of mainstream, reputable onshore Indian mutual fund products, an industry she now is responsible for regulating, documents show SEBI Chairperson Madhabi Buch and her husband had stakes in a multi-layered offshore fund structure with miniscule assets, traversing known high-risk jurisdictions, overseen by a company with reported ties to the Wirecard scandal, in the same entity run by an Adani director and significantly used by Vinod Adani in the alleged Adani cash siphoning scandal.”

Read more

Gift Nifty indicates a flat to negative start for domestic markets on Monday. Following scathing reports against Hindenburg that directly accused SEBI chief Madhabi Buch, traders are a little nervous. However, analysts do not expect the report to have a big impact on the market.

KS Badri Narayanan of businessline writes

Adani Group stocks slump in early trade on the NSE around 10 am 

Adani Total Gas (-6.97%)

Adani Energy Solutions (-5.42%)

Adani Power (-5.42%)

Adani Enterprises (-5.07%)

Adani Wilmar (-4.70%)

Adani Green Energy (-4.41%)

Adani Ports and SEZ (-3.57%)

ACC (-2.38%)

Ambuja Cements (-1.88%)

NDTV (-3.03%)