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    Two Adani Group stocks plunge to 52-week low, three companies hit lower circuit

    Synopsis

    The intense sell-off in the last three trading sessions wiped out over Rs 5 lakh crore in market value from Adani stocks. The panic struck after US-based whistleblower Hindenburg warned of high leverage and fraudulent practices in Adani Group companies.

    Two Adani Group stocks plunge to 52-week low, three companies hit lower circuitIANSHINDI
    Adani Group stocks continued to remain under pressure for the third day, with two of the group companies plunging to fresh 52-week lows and another three hitting lower circuits.

    The intense sell-off in the last three trading sessions wiped out over Rs 5 lakh crore in market value from Adani stocks. The panic struck after US-based whistleblower Hindenburg warned of high leverage and fraudulent practices in Adani Group companies.

    Adani Transmission on Monday fell 20% to hit a fresh 52-week low and lower circuit at Rs 1,611.40. Another group company Adani Green Energy too, fell 20% to touch a 52-week low and lower circuit.

    Another two Adani group companies, Adani Wilmar and Adani Power, fell 5% each and hit lower circuits at their respective counters.

    Hindenburg Research further alleged that the Adani Group was involved in “brazen stock manipulation and accounting fraud schemes over decades".

    Adani Group in response issued a 413-page rebuttal, calling Hindenburg an "unethical short seller" who made windfall gains by doing calculated securities fraud. Adani had also called the claims a calculated attack on India, the independence, integrity, and quality of Indian institutions, and the growth story and ambition of India.

    The Adani Group said that the timing of the report seems to be directed at sabotaging the Rs 20,000 crore FPO by Adani Enterprises that ends on January 31.

    Adani Enterprises is 1.35% higher in Monday's intra-day session on Monday. Despite the continuous pressure in the last two days, the company said it would change neither the price band nor the schedule for FPO.

    Hindenburg Research on Monday said Adani Group's 413-page rebuttal to allegations related to accounting fraud and stock manipulation defies common sense.

    "Adani failed to specifically answer 62 of our 88 questions. Of the questions it did answer, the group largely confirmed or attempted to sidestep our findings," Hindenburg said in reply to Adani's explanations, adding that these explanations simply defy common sense



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    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
    The Economic Times

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