Shares of Adani Enterprises recovered on Monday, post-last week's selloff, with a 9 per cent jump in the morning session, after the company submitted a 413 page counter to the Hindenburg Research report. At 9.19 am, the shares of Adani Enterprises were at Rs 3,020.45, and they later reached an intraday high of Rs 3,037.55. But the company's other stocks, like Adani Transmission, Adani Green, and Adani Total Gas, saw a continuation of the sell off and went down by close to 20 per cent.
Adani Ports and SEZ, after six consecutive sessions of falling, saw a rise of 4.34 per cent at Rs 624.60. ACC and Ambuja Cement saw a rise of 8.43 per cent to Rs 2,042.85 and 10 per cent to Rs 419.25, respectively.
Adani Power and Adani Wilmar saw a fall of 5 per cent to Rs 235.65 and Rs 491.45 respectively. While Adani Transmission went down 18 per cent to Rs 1,648, Adani Total Gas declined by 19.85 per cent to Rs 2,351.75. Even Adani Green shares fell by 19 per cent to Rs 1,202.55.
Adani vs Hindenburg
Following the report by Hindenburg Research, the shares of Adani Group saw a severe decline. The group accused the US-based research house of not doing its research properly, copy-pasting from company disclosures, and misleading the public.
Additionally, the group also said that the report has been made with the intent to make profits at the expense of the company's stakeholders and public investors. The company also mentioned in its response that 68 of the 88 questions had already been answered by the company in its annual reports, financial statements, and stock exchange disclosures. From the 20 pending questions, the company claimed that 16 are focused on the public shareholders and their source of funding, while the four pending questions are baseless allegations. The group also called this a direct attack on India and its growth.
Hindenburg responded to this 413-page response and said that the fraud cannot be obfuscated by nationalism or a bloated response that ignores every key point that was raised. They also said this is just a method to distract from the issue and instead stroke the nationalist narrative. The research firm also firmly added that they believe that India's growth is being held back by the Adani Group, which is claiming to be a nationalist while it is looting the nation.
