Adani Group refutes the Hindenburg Report
The Adani Group issued a 413-page strong rebuttal to the Hindenburg Research report, which raised questions about the company’s debt position. The group said the report was prepared with the intention of profiting at the expense of its shareholders and public investors. The company claimed that the report was neither “independent” nor “objective” and was a fraudulent document that constituted securities fraud under Indian law.
Adani Enterprises share price is overbought
As a result of the group’s protests, shares of Adani Enterprises were heavily bought in the stock market today and hit the upper circuit within minutes of the opening bell. The share price opened positively and touched an intraday high of ₹3,037.55. On the BSE, shares of Adani Enterprises also rose in trading volume and hit the upper circuit at ₹3,038.35. Shares of Adani Ports also hit the upper circuit on both BSE and NSE.
However, other Adani Group stocks did not fare as well and continued their losses for the third day in a row. Adani Power and Adani Total Gas both saw strong selling pressure and lower circuit levels were hit. Adani Green Energy also saw selling pressure and hit a fresh 52-week low of ₹1,216.05 on the NSE.