Adani Group's Strong Rebuttal Sparks Stock Market Frenzy: Some Stocks Soar, Others Struggle

Adani group issued a strong 413-page rebuttal against a Hindenburg Research report on its debt positioning.

Adani Enterprises and Adani Ports shares opened upside and hit upper circuit, while ACC and Ambuja Cements also witnessed buying interest.

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Adani Power and Adani Total Gas share prices opened downside and hit lower circuit.

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Adani Green Energy shares hit a 52-week low.

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Adani group stated that the Hindenburg report was made with the intention to profiteer and was neither "independent" nor "objective".

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The group claimed 68 out of 88 questions posed by Hindenburg were already disclosed by Adani companies and the remaining were baseless allegations.

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Adani group considered the Hindenburg report as an attempt to sabotage their FPO and an attack on their stakeholders' trust.

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Hindenburg report led to increased scrutiny from SEBI and MSCI.

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