Adani shares also fell on Monday; So far there has been a loss of five and a half lakh crores
Mumbai: Shares of Adani Group tumbled on Monday after Hindenburg Research’s report. The company has lost more than five and a half lakh crore rupees in the stock market so far. According to reports, Adani lost one-fourth of his wealth. Adani is currently ranked eighth in the Forbes list.
After this, LIC, which has a huge investment in Adani Group, stated that it will take a further stand after examining the situation. Stocks resumed trading on Monday after a two-day break. Shares of six out of ten Adani Group companies plunged to their biggest one-day losses in the early hours.
Shares of Adani Enterprises edged higher in the early hours but ended in losses.
The Adani Group had filed a 413-page reply to Hindenburg Research yesterday. The issue raised by Adani Group in this was aggression against India. But Hindenburg Research retorted that Adani’s plunder in India cannot be concealed by raising the national argument.
Hindenburg also accused Adani of trying to deflect factual questions.
‘Fraud is fraud, even if it’s done by one of the world’s biggest billionaires. Adani is hindering India’s progress. Adani has not responded to the questionable foreign transactions.
Of the 413 pages of Adani’s note, only 30 pages contain replies on issues related to our report.
The rest of the response consists of 330 pages of court documents and 53 pages of financial and public information detailing irrelevant corporate initiatives such as promoting women’s entrepreneurship and safe vegetable production,’ Hindenburg Research said in a reply.
