New Delhi: Adani Group’s (Adani Group) share (Share) is not stopping. Adani Group shares are continuously falling after the allegations made by the American research firm Hindenburg. On the last day of the week too, Adani Group’s shares fell sharply. Today i.e. Friday is seeing a bigger drop than Wednesday. There is a rush to sell all Adani Group shares. Due to the sale of shares of the Adani Group, pressure is also prevailing in the stock market. Shares of Adani Green Energy fell by more than 16 percent as soon as the market opened today. Share Rs. It hit a 52-week low of 1564. At the same time, Adani Total Gas fell by over 16 percent.
The report of the American research firm Hindenburg (Hindenburg Report) is weighing heavily on the Adani Group. After its announcement, there has been a tsunami in the stocks of Gautam Adani-led companies (Adani stocks) and it is weighing heavily on Gautam Adani. Asia’s richest man’s net worth has also been adversely affected by the sharp fall in the stock. Gautam Adani, currently ranked fourth in the Forbes Real Time Billionaires Index, has suddenly dropped down to number seven (Gautam Adani 7th Richest Person).
Heavy loss to Gautam Adani
Gautam Adani was the highest paid businessman in the world’s top-10 billionaires in the year 2022. He managed to reach number two in the list, but the new year 2023 is proving to be very bad for the Indian businessman. Everything was fine at the beginning of the year, but on January 24, the report of the American research firm Hindenburg came out and the Adani Group began to suffer. In just two days, Adani Group’s market cap increased by Rs. 2.37 lakh crore has decreased. Because of this, Gautam Adani’s net worth has also come down to $100.4 billion.
7 shares of Adani fell sharply
Adani Group shares fell 20% for the second day in a row after the Hindenburg report hit. Meanwhile, all 10 shares of Adani Group were seen trading in the red. Adani Total Gas shares were most affected by the fall. Its stock fell 16 to 2,961.55. Apart from this, shares of Adani Green fell by 13%, shares of Adani Enterprises fell by 3%. Let us tell you that Adani Enterprises on Friday itself Rs. 20 crore has also launched its FPO (Follow On Public Offer). But before this the stock fell more than 6 percent and moved closer to the FPO price. Shares of Adani Power are trading down 5% at 248.05. While Adani Port has recorded a decrease of about 5 percent. Shares of Adani Wilmar and NDTV also rose to Rs. 517.30 and Rs. 256.35 is trading with a decline of five percent. In fact, due to a report by forensic financial research firm Hindenburg earlier on Wednesday, Gautam Adani had to pay Rs. 50,000 crores was lost and the loss is likely to be even greater today.
Forensic financial research firm Hindenburg has released a report. In which it has been stated that there is a short position in Adani’s companies. The report has also raised questions on Adani Group loans to all Adani Group companies. The report claims that the Adani Group’s 7 largest listed companies are worth more than 85 percent. Adani’s shares have seen a sharp decline since the reports were released.
Adani Group was asked 88 questions
Hindenburg Research’s latest report asks Adani Group 88 questions. After the release of these reports, the sentiment of Indian investors changed. However, Adani Group has also given a jaw-dropping response to the American research firm Hindenburg. The Adani group termed the report as nonsense. The Adani Group has denied the entire report.
Adani Group CFO Jugshinder Singh said, ‘We are shocked that Hindenburg Research has published a report on 24 January 2023 without contacting us or verifying factual metrics. The report is a malicious combination of selective misinformation and stale, baseless and defamatory allegations which have been tested and refuted by the Supreme Courts of India.’ Apart from this, Adani Group is also considering taking legal action against the American firm.
what Is Hindenburg Research?
Meanwhile, the history of the Hindenburg research has also come to the fore. Hindenburg has a track record of finding corporate wrongdoing and suing companies. Hindenburg Research is a forensic financial research firm that analyzes equities, credit and derivatives. It was founded in the year 2017 by Nathan Anderson. Hindenburg Research also runs a hedge fund business. It is known for exposing the activities of the corporate world.