Adani Group Stocks/ Share Price Live Updates Today: Adani Group stocks slump on latest Hindenburg report; Adani Enterprises, Adani Ports among top losers

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.

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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%)

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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.

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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.

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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.

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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.

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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.

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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.

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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.”

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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%)