Adani group stocks witness sharp fall; Adani Enterprises tumble over 28 pc

Shares of Adani Group firms slumped on Wednesday and have lost more than Rs 7 lakh crore of their combined market capitalisation in the last five trading sessions amid concerns over USbased short seller Hindenburg Researchs reportThe decline is about 38 per cent compared to the market valuation at the end of trading on January 24 the day when the report was releasedAdani Group stocks have taken a beating on the bourses after Hindenburg in the report made a litany of allegations including fraudulent transactions and share price manipulation at the Gautam Adaniled groupAt the end of Wednesdays trading session all the group companies settled in negative territory with shares of three companies hit their lowest price band Shares of Adani Enterprises nosedived 2845 per cent to close at Rs 212870 on the BSE despite the companys Rs 20000crore share sale sailed through on the last day on Tuesday after nonretail investors bid in big volumes There was however a muted response from retail investors and company employees The share sale opened on January 24The counter of Adani Ports and Special Economic Zone plunged 1969 per cent Adani Total Gas slumped 10 per cent Adani Green Energy declined 578 per cent Adani Wilmar fell 499 per cent Adani Wilmar went down 499 per cent Adani Power dropped 498 per cent and Adani Transmission 246 per centIn addition Ambuja Cements tanked 1656 per cent while ACC dropped 634 per cent and NDTV went down 498 per centThe Adani group stocks including Ambuja ACC and NDTV have lost more than Rs 7 lakh crore or about 38 per cent of their combined market cap in the last five trading sessions Manish Chowdhury head of research at Stoxbox saidAlso read Adani rides out storm as investors rally behind USD 25bn FPOWith investors hoping for a breather following the successful closure of the Adani Enterprises FPO yesterday it was another shocker when news emerged today that Credit Suisse has stopped accepting bonds of Adani group as collateral for margin loans to its private banking clients With several questions being raised about the group it looks prudent to stay away from these companies till the dust settles he addedEquity benchmarks Sensex and Nifty ended on a mixed note after Finance Minister Nirmala Sitharaman raised the personal income tax rebate limit doled out sops on small savings and announced one of the biggest hikes in capital spending in the past decade in Budget 202324The 30share BSE benchmark Sensex climbed 15818 points or 027 per cent to settle at 5970808 In contrast the broader NSE Nifty declined 4585 points or 026 per cent to end at 1761630This 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