 "Adani group stocks fall; ACC down 3%, Adani Ent slips 1.5% (1)")
Adani Group (Photo: Bloomberg)
Adani Group stocks fall: Shares of Adani Group companies were trading lower on Thursday, July 04, with ACC leading the downturn by slipping 3.25 per cent to an intraday low of Rs 2,676.85 per share.
Adani Enterprises closely followed with a loss of 1.5 per cent.
Other Adani Group entities also saw losses, which include Adani Ports 1.11 per cent, Adani Green 0.45 per cent, Adani Energy Solutions 0.62 per cent, Adani Total Gas 0.53 per cent, Adani Wilmar 0.46 per cent, Adani Power 0.48 per cent, and Adani Green Energy 0.45 per cent.
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This comes amid reports suggesting that the Tamil Nadu government initiated a preliminary inquiry into a coal import scandal involving the Adani Group and other entities, according to reports. The Directorate of Vigilance and Anti-Corruption (DVAC) is investigating allegations of irregularities in tender conditions and coal imports, potentially resulting in significant financial losses for the state.
However, Adani Enterprises responded by stating they had not received any communication regarding these matters and thus could not comment on their accuracy at this time.
In an exchange filing, Adani Enterprises said, “Adani Enterprises Limited (“Company”) has not received any notice and/or communication in this regard and hence the Company is not in a position to comment on the veracity of the above referred news item.”
Earlier this week, Securities and Exchange Board of India (Sebi) issued a show cause notice to Hindenburg Research, Mark Kingdon, and others, alleging collusion in using non-public information to take short positions against Adani Group stocks.
The notices were linked to a report by Hindenburg Research that allegedly caused major market disruption and led to a substantial decrease in Adani Group's market value.
US-based short-seller Hindenburg Research said it has received a ‘show cause notice’ from the Indian market regulator Securities and Exchange Board of India (SEBI) for trading in shares of Adani Enterprises Ltd immediately prior and post the release of its report on Gautam Adani-led Adani Group in January 2023.
