Adani Group stocks fall further in morning trade

The logo of the Adani Group
| Photo Credit: Reuters

Shares of Adani Group firms tumbled further on the bourses, with shares of Adani Enterprises witnessing a fall of 9.50% as investors continue to offload their holdings.

Adani Enterprises opened on a weak note at ₹1,597.95, then fell further to ₹1,433.60, registering a fall of 9.50% over its previous close. It was later trading at ₹1,480.65, down 6.54% on BSE.

Shares of Adani Total Gas, Adani Power, Adani Green Energy and Adani Wilmar were trading 5% down each on the BSE, while Adani Transmission slipped 10%.

Meanwhile, Adani Ports and Special Economic Zone was trading marginally higher at ₹501.50, up 0.53%.

Also Read | Adani Enterprises shares removed from Dow Jones Sustainability Indices

In addition, other Adani Group stocks, such as Ambuja Cements tanked 3.28%, ACC dropped 0.82% and NDTV fell 4.98%.

Fallout from Hindenburg report

Adani Group stocks have taken a beating on the bourses after U.S.-based activist short-seller Hindenburg Research made a litany of allegations, including fraudulent transactions and share price manipulation at the Gautam Adani-led group.

Adani Group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements.

Meanwhile, markets regulator SEBI on Saturday said it is committed to ensuring the stock market’s integrity, and all necessary surveillance measures are in place to address any excessive volatility in individual shares.

The Reserve Bank on Friday said India’s banking sector is resilient and stable, and the central bank maintains a constant vigil on the lenders.

Equity benchmark indices — Sensex and Nifty — were trading in the negative territory.

The 30-share BSE index was trading at 439.19 points or 0.72% lower at 60,402.69 points in initial deals. Similarly, the broader NSE Nifty slipped 140.80 points or 0.79% to 17,713.25 points.