Adani group stocks witness mixed trends in early trade

Shares of Adani group firms were trading on a mixed note in morning trade on Monday with flagship Adani Enterprises climbing 10 per cent even as most of the group companies fell a day after it released a 413page response to allegations of wrongdoing brought by a USbased short seller Hindenburg ResearchMost of the group firms fell for the third day running on Monday with Adani Total Gas tumbling 20 per cent Adani Transmission tanking 1914 per cent Adani Green Energy witnessing a slump of 1899 per cent Adani Power declining 5 per cent Adani Wilmar dipping 5 per cent and NDTV 5 per cent on the BSEHowever the stock of Adani Enterprises jumped 10 per cent and Adani Ports climbed 10 per centShares of Ambuja Cements also rallied 1184 per cent and ACC zoomed 10 per centSince Tuesday last week to this Monday morning trade the group firms have collectively lost about Rs 554 lakh crore in market valuationStock markets were closed on Thursday on account of Republic DayAlso Read Adanis fraud cannot be obfuscated by nationalism HindenburgOn Friday the Adani group stocks fell up to 20 per cent and had lost more than Rs 417 lakh crore from the combined market valuation of listed firms after Hindenburg Research made damaging allegationsGautam Adanis group on Sunday expressed confidence that the Rs 20000 crore followon share sale of its flagship firm will sail through despite a massive hammering of the conglomerates stocks following a scathing report by the USbased short sellerGroup CFO Jugeshinder Singh said no change in offering price or schedule is being considered due to temporary volatility in the market as the followon public offer FPO of Adani Enterprises Ltd is the best vehicle for strategic institutional investors to own a pie of the conglomerates fast expanding airports mining roads new energy and data centre businessesThe statement from Adani Enterprises that the FPO is on schedule and that there is no change in the price band is hugely important This can be interpreted as a reflection of the confidence of the management in the success of the FPO said V K Vijayakumar Chief Investment Strategist at Geojit Financial ServicesHindenburg Research has rejected Adani Groups charge that its report was an attack on India saying a fraud cannot be obfuscated by nationalism or a bloated response that ignored response to key allegationsCommenting on the 413page response Adani Group released late on Sunday evening in response to its report Hindenburg said it believed India was a vibrant democracy and an emerging superpower with an exciting future and it was Adani Group which was holding it back through systematic lootHindenburg stood by its last weeks report that said its twoyear investigation found Adani Group engaged in a brazen stock manipulation and accounting fraud scheme over the course of decadesMeanwhile equity benchmarks Sensex and Nifty pared early gains and were trading lowerThe 30share BSE benchmark quoted 16108 points lower at 5916982 while the Nifty traded 5580 points down at 1755130This story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever