A plane flies behind an Adani sign near a construction site in Mumbai. The Adani Group is one of India’s largest multinational companies with a diversified business portfolio.
Sopa Images | Light Rocket | Getty Images
Adani Group shares fell on Monday new report U.S. short-seller Hindenburg has accused the chairman of India’s capital markets regulator of having a conflict of interest and hindering an in-depth investigation into fraud allegations.
Adani Group companies lost about $2.4 billion in market capitalization on Monday but recovered from earlier losses by mid-day close report Losses amounted to US$19 billion.
flagship company of india group Adani Enterprises Shares fell 5% in early trading before trimming losses. Shares of Adani Total Gas, Adani Power, Adani Wilmar and Adani Energy Solutions also fell sharply on the news.
Hindenburg publish Securities and Exchange Board of India (SEBI) Chairman Madhabi Puri Buch and her husband Dhaval Buch had previously invested in Adani Group, a report said on Saturday. Group) also uses offshore funds.
Hindenburg said it believed the Securities and Exchange Commission of India “cannot be trusted as an objective arbiter of the Adani matter”.
Madhabi Puri Buch and Dhaval Buch have both denied wrongdoing. explain The report’s claims are baseless.
Adani on Sunday refuted the Hindenburg’s latest accusations, describe The report was seen as a “red herring”. The company said its overseas holding structure is fully transparent.
The multinational conglomerate, led by billionaire Gautam Adani, has interests in multiple sectors including commodities trading, airports, utilities and renewable energy.
Hindenburg’s latest report comes about 18 months after it was first published defendant Stock manipulation and corporate fraud by Adani Group. Findings released in January 2023 sent stocks tumbling Over $100 billion.
Adani has denied all accusations and its share price has partially recovered.
—CNBC’s Ganesh Rao contributed to this report.
