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HomeBusinessAdani Group stocks Adani Ent, Adani Ports trade flat after Hindenburg response

Adani Group stocks Adani Ent, Adani Ports trade flat after Hindenburg response

Adani Group stocks Adani Ent, Adani Ports trade flat after Hindenburg response


Most Adani Group stocks traded flat in early deals July 2 Hindenburg’s response to Indian capital market regulator Sebi’s show-cause notice. The US short seller termed the notice as an “attempt to silence and intimidate those who expose corruption.” Following this, shares of the group’s flagship firm, Adani Enterprises, slipped about 0.4 per cent in opening deals while those of Adani Ports inched up by 0.07 per cent.

The logo of the Adani Group is seen on the facade of one of its buildings on the outskirts of Ahmedabad, India.(Reuters)

Shares of Adani Total Gas (up 0.91 per cent), Adani Wilmar (up 0.45 per cent), ACC (up 0.35 per cent), Adani Energy Solutions (up 0.13 per cent), Ambuja Cements (up 0.12 per cent), Adani Green (up 0.03 per cent) and Adani Power (down 0.24 per cent) witnessed mild movements.

This comes after US-based Hindenburg research said that it has received a show cause notice from market regulator Sebi regarding its report on the Adani Group. The 46-page show cause notice was delivered on June 27, it said, adding that the research firm was short on Adani shares “through a deal with an investor partner who was indirectly short Adani derivatives through a non-Indian, offshore fund structure”.

Hindenburg had adequately disclosed that it was short on Adani shares, “so readers could weigh the potential for bias given that we stood to benefit from a decline in Adani shares,” it said.



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