Brief by Shorts91 Newsdesk / 06:27am on 12 Aug 2024,Monday Business
Adani Group stocks plummeted by up to 17% on Monday after Hindenburg Research released new allegations. The report claimed that Securities and Exchange Board of India (SEBI) Chairperson Madhabi Puri Buch had ties to offshore entities linked to the Adani Group. In response, the Adani Group strongly denied any wrongdoing, labeling the claims as "malicious," "mischievous," and "manipulative." Significant drops were seen across Adani Power (down 10.94%), Adani Enterprises (down 5.27%), and Adani Energy Solutions (down 17.06%). Analysts expect a potential recovery if the allegations don't impact the group's earnings.
