As investors continue to sell up their holdings, shares of Adani Group companies continued to plunge on the stock exchanges, with Adani Enterprises seeing a 9.50% decline.
Adani Group stocks
Adani Enterprises had a shaky start, falling from Rs 1,597.95 to Rs 1,433.60, or a 9.50% decline from its previous close. Later, it was down 6.54% and trading at Rs 1480.65 on the BSE.
Adani Transmission fell 10%, while shares of Adani Total Gas, Adani Power, Adani Green Energy, and Adani Wilmar were each trading 5% lower on the BSE.
Meanwhile, Adani Ports and Special Economic Zone was trading marginally higher at Rs 501.50, up 0.53 per cent.
In addition, other Adani Group stocks, such as Ambuja Cements tanked 3.28 per cent, ACC dropped 0.82 per cent and NDTV fell 4.98 per cent.
Adani group stocks have taken a beating on the bourses after US-based activist short-seller Hindenburg Research made a litany of allegations, including fraudulent transactions and share price manipulation at the Gautam Adani-led group.
The Adani Group has denied the accusations, claiming that it abides by all legal and disclosure obligations.
SEBI, the market regulator, stated on Saturday that it is dedicated to upholding the integrity of the stock market and that the required surveillance procedures have been put in place to manage any excessive volatility in certain shares.
The Reserve Bank
The Reserve Bank of India stated on Friday that the lenders are constantly under watch and that India's banking industry is resilient and stable.
The Sensex and Nifty equity benchmark indices were trading in the red.
The 30-share BSE index was trading at 439.19 points or 0.72 per cent lower at 60,402.69 points in initial deals. Similarly, the broader NSE Nifty slipped 140.80 points or 0.79 per cent to 17,713.25 points.
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