7 Adani stocks fall up to 23%, lose ₹2.83 L cr in m-cap on Hindenburg report

Shares of the Adani Group companies lost ground on Friday, extending their losses from Wednesday's trading session.

The market was shut on Thursday on account of Republic Day.

On Friday, five Adani Group stocks i.e. Adani Enterprises, Adani Total Gas, Adani Transmission, Adani Green Energy, and Adani Ports & SEZ hit lower circuits.

Adani Total Gas lost ₹79,788 crore on Friday, followed by Adani Green Energy, which lost ₹57,876 crore, and Adani Transmission that lost ₹52,531.90.

The shares of Adani Group companies have been witnessing strong selling post the release of the Hindenburg Research report that alleged a ‘fraud’. 

The momentum in the basket is on the bearish side, according to analysts.

In a report released on Wednesday, Hindenburg Research accused the Indian giant of participating in a decades-long plan to manipulate stock prices and commit accounting fraud. 

Post the news, seven Adani Group stocks lost ₹46,086 crore in market cap on Wednesday.

Reacting to the report on Wednesday, Adani Group released a media statement where the company said that it was shocked that Hindenburg Research has published a report without making any attempt to contact the company or verify factual matrix.