Hindenburg effect: Adani Power shares fall for third straight session
Shares of Adani Power crashed 5 per cent to Rs 236.65 amid positive sentiment in the broader market today. The stock has lost 15% in the last three sessions.
- Jan 30, 2023,
- Updated Jan 30, 2023 10:31 AM IST
Shares of Adani Power were stuck in the lower circuit in early trade, falling for the third straight session today after a report by Hindenburg Research alleged accounting frauds, stock manipulations and money laundering by the Adani Group. Shares of Adani Power crashed 5 per cent to Rs 236.65 amid positive sentiment in the broader market today. The stock has lost 15% in the last three sessions.
Market cap of Adani Power plunged to Rs 90,888 crore. The stock opened 5% lower on BSE. Adani Power stock is trading lower than the 5-day, 20-day, 50-day, 100-day and 200-day moving averages. With today’s fall, the stock is down 21.29 percent in 2023. However, the stock has gained 122.52% in a year, even after accounting for today’s fall. A total of 4.40 lakh shares of the firm changed hands, amounting to a turnover of Rs 10.37 crore on BSE.
In an exclusive interview to Business Today, the Adani Group has accused Hindenburg Research of not doing proper research, and “copy-pasting” from the company disclosures. It also said that they either did not do proper research or did proper research but misled the public. Adani Group Chief Financial Officer Jugeshinder Singh told Managing Editor, Business Today Television, Siddharth Zarabi. Singh said that Hindenburg needs to be questioned why they misrepresented in the questions they asked Adani Group in their report.
A report by Hindenburg Research alleging accounting frauds, stock manipulations and money laundering last week led to negative sentiment around the Adani Group stocks in the last three sessions. Adani Group called Hindenburg's report as maliciously mischievous and unresearched, which, it said, adversely affected the Adani Group, its shareholders and investors.
Adani group had said that the timing of the Hindenburg report’s publication clearly betrays a brazen, mala fide intention to undermine the group’s reputation with the principal objective of damaging the follow-on public offering from Adani Enterprises, which is the biggest FPO ever in India.
Meanwhile, Sensex was trading 52 points or 0.08 per cent higher at 59,382 and Nifty gained 47 points at 17,651 at 9.56 am today.
Also read: Hindenburg effect: Adani Wilmar shares stuck in lower circuit; down 15% in three sessions
Shares of Adani Power were stuck in the lower circuit in early trade, falling for the third straight session today after a report by Hindenburg Research alleged accounting frauds, stock manipulations and money laundering by the Adani Group. Shares of Adani Power crashed 5 per cent to Rs 236.65 amid positive sentiment in the broader market today. The stock has lost 15% in the last three sessions.
Market cap of Adani Power plunged to Rs 90,888 crore. The stock opened 5% lower on BSE. Adani Power stock is trading lower than the 5-day, 20-day, 50-day, 100-day and 200-day moving averages. With today’s fall, the stock is down 21.29 percent in 2023. However, the stock has gained 122.52% in a year, even after accounting for today’s fall. A total of 4.40 lakh shares of the firm changed hands, amounting to a turnover of Rs 10.37 crore on BSE.
In an exclusive interview to Business Today, the Adani Group has accused Hindenburg Research of not doing proper research, and “copy-pasting” from the company disclosures. It also said that they either did not do proper research or did proper research but misled the public. Adani Group Chief Financial Officer Jugeshinder Singh told Managing Editor, Business Today Television, Siddharth Zarabi. Singh said that Hindenburg needs to be questioned why they misrepresented in the questions they asked Adani Group in their report.
A report by Hindenburg Research alleging accounting frauds, stock manipulations and money laundering last week led to negative sentiment around the Adani Group stocks in the last three sessions. Adani Group called Hindenburg's report as maliciously mischievous and unresearched, which, it said, adversely affected the Adani Group, its shareholders and investors.
Adani group had said that the timing of the Hindenburg report’s publication clearly betrays a brazen, mala fide intention to undermine the group’s reputation with the principal objective of damaging the follow-on public offering from Adani Enterprises, which is the biggest FPO ever in India.
Meanwhile, Sensex was trading 52 points or 0.08 per cent higher at 59,382 and Nifty gained 47 points at 17,651 at 9.56 am today.
Also read: Hindenburg effect: Adani Wilmar shares stuck in lower circuit; down 15% in three sessions