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Adani Stocks Plunge 7%, Losing Rs 53,000 Crore Amid Renewed Hindenburg Concerns

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Synopsis:

Adani stocks plunged up to 7%, erasing Rs 53,000 crore in market value, as investor concerns grew over fresh allegations in the ongoing Hindenburg controversy involving SEBI Chief Madhabi Buch.

The shares of Adani Group companies experienced a sharp decline of up to 7% today, leading to a market capitalization loss of approximately Rs 53,000 crore. This downturn was fueled by investor caution following the resurfacing of the Hindenburg controversy, which now implicates SEBI Chief Madhabi Buch.

Adani Green Energy share price was among the hardest hit, with its stock dropping 7% to a low of Rs 1,656 on the BSE before staging a partial recovery. Other group companies, including Adani Total Gas, Adani Power, and Adani Enterprises, also saw significant declines ranging from 3% to 5%.

The Hindenburg report, while not presenting new allegations against the Adani Group, raises concerns over the impartiality of SEBI in investigating these matters. The report suggests that Buch and her husband had stakes in offshore funds allegedly linked to the Adani Group, leading to political pressure for her resignation.

SEBI has strongly refuted these claims, with Buch denying any wrongdoing and emphasizing that she has recused herself from matters involving potential conflicts of interest. Despite these reassurances, the market reacted negatively, reflecting investor anxiety over the ongoing investigation.

Analysts, however, have downplayed the long-term impact of these developments on Adani's stock performance, attributing the current decline to short-term market reactions rather than fundamental weaknesses. Investors will be closely monitoring the completion of SEBI's investigation to assess future risks and opportunities.

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Source:  Economic Times

Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing.

This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.

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