Adani Group shares fall after Hindenburg accuses regulators | Wilnesh News

Shares in Adani Group fell on Monday after a new report by U.S. short-seller Hindenburg accused the chairman of India’s capital markets regulator of having a conflict of interest that hindered an in-depth investigation into fraud allegations.

The Indian group’s flagship Adani Enterprises fell 5% in early trade before recouping some of its losses.

Shares of Adani Total Gas, Adani Power, Adani Wilmar International and Adani Energy Solutions all fell sharply in early trade. As of about 10:55 a.m. London time, Adani Group Inc. had lost $2.3 billion in market value, recovering from earlier losses. report Losses amounted to US$19 billion.

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. The findings, released in January 2023, sent the stock market plunging by more than $100 billion.

Adani has denied all accusations and its share price has partially recovered.

—CNBC’s Ganesh Rao contributed to this report.