On Saturday, the Hindenburg report leveled allegations against SEBI’s chief, accusing him of colluding with the Adani Group. This revelation came just before the stock market opened today, Monday, and has caused significant turmoil for the conglomerate.
Sharp Decline in Adani Group Shares
The Hindenburg report has once again created a severe problem for the Adani Group. Released over the weekend, the report’s impact was felt as soon as the market opened today, with Adani Group’s shares plummeting by as much as 17%.
Adani Energy Solutions Suffers the Biggest Hit
When the market opened at 9:30 AM, all Adani shares witnessed a sharp decline. Adani Energy Solutions, in particular, started with a significant drop of about 17% on the BSE. However, the market showed a rapid recovery, and by 9:30 AM, the stock had rebounded slightly, trading at 1,075.45 with a 2.59% loss.
Massive Losses Across All Adani Shares
The opening of the market saw a widespread decline in all Adani shares. Adani Total Gas experienced the steepest drop, losing nine and a half percent. Adani Power and Adani Wilmar also suffered losses, with their shares falling by three percent each. Adani Energy saw a decline of two and a half percent.
Hindenburg Report’s Impact on Indian Stock Market
The Hindenburg report’s effects were felt across the broader Indian stock market as well. The BSE Sensex began the day down 375.79 points at 79,330.12, while the NSE Nifty opened with a decline of 47.45 points at 24,320.
History Repeats: Another Major Loss for Adani Group
This isn’t the first time Hindenburg has targeted the Adani Group. In January 2023, a similar report caused the conglomerate to lose $186 billion as its shares remained depressed for several days. The Adani Group has yet to recover from that financial blow, and now faces another significant challenge with this latest report from Hindenburg.
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