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Share Adani Enterprises shares fell 59% after the Hindonburg report
The Securities and Exchange Board of India (SEBI) has given a clean chit to the Adani Group on Thursday, 18 September, dismissing the allegations of Hindonburg Research. The American short-seler company had accused Gautam Adani and his companies (such as Adani Ports and Adani Power) of manipulation of the stock market.
On 24 January 2023, Hindonburg Research released a report, in which the Adani Group was made several allegations ranging from money laundering to share manipulation. This reduced the market value of the group’s shares by about $ 12 billion (Rs 1 lakh crore) by 25 January.
Supreme Court formed a 6 -member committee for investigation
However, Adani denied allegations of any wrongdoing. However, to investigate the case, the Supreme Court formed a 6 -member committee and SEBI also investigated the case.
Adani has already been acquitted by the court in this case. After the verdict, Gautam Adani had said, ‘The court’s decision shows that truth has won. Satyamev Jayate. I am grateful to those who stood with us. Our contribution to India’s growth story will continue. Jai Hind.
After the report, Share Adani Enterprises shares fell 59%
The share of the share of Adani Group’s flagship company Adani Enterprises on 24 January 2023 (25 January) was Rs 3442. On January 25, it fell 1.54% to close at Rs 3388. On January 27, the share prices fell 18% to Rs 2761. By 22 February, they fell 59% to Rs 1404.
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Hindenberg Research Company closed to present the report on Adani: Founder said- The ideas on which they worked, it had to be closed as soon as they were fulfilled.
Nathan Anderson, founder of American short-selection firm Hindenberg, announced its shutdown about 8 months ago. He said that the decision to shut down the company has taken a lot of talks and thinking. However, Anderson did not give any specific reason to shut down the company. Hindonburg Research began in 2017.
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