stock market today: Following the strong rebuttal of 413-page Hindenburg Research report by Adani Group on Sunday, the share price of Adani Enterprises witnessed heavy buying in morning deals today and hit upper circuit within minutes of market opening. Adani Enterprises shares opened with gains in the morning session and hit day’s high 3,037.55 each, locking-in 10 per cent upper circuit. On BSE too, shares of Adani Enterprises saw 1.79 times trading volume and hit upper circuit after climbing higher. 3,038.35 each level.
Among other Adani Group stocks, Adani Ports Today, within a few minutes of the opening of the stock market, shares on BSE and NSE also hit upper circuit. Like shares of Adani Enterprises, the share price of Adani Ports today opened on the uptrend and hit the upper circuit after climbing more than 10 per cent from Friday’s close. 596.95 per share level. share or acc Ltd. and Ambuja Cements Monday’s deals also saw buying interest in the morning session.
However, the fortunes of other Adani Group stocks did not change and they continued their decline for the third straight session on Monday. Adani Power share price today opened lower and closed in the lower circuit of 5 per cent for the third consecutive day. Adani Total Gas share price also saw heavy selling pressure in the morning session and hit the lower circuit for the second consecutive session.
Adani Green Energy shares also saw selling pressure at the opening bell today and hit a 52-week low 1,216.05 on the NSE.
Adani group refutes Hindenburg research report
Hindenburg Research reports in new and strong rebuttals against the company’s debt position, Adani Group Said Hindenburg Report has been made with a clear intention to profiteer at the expense of our shareholders and public investors. Its reporting is neither “independent” nor “objective”. It is a manipulative document fraught with conflict of interest and intended to create a false market in securities only to book false profits, which clearly constitutes securities fraud under Indian law.
“Of the 88 questions asked by Hindenburg, it is pertinent to note that 68 refer to matters that have been filed by Adani group companies in their respective annual filings, offering memorandum, financial statements and stock exchange disclosures from time to time. The report is duly disclosed. Sixteen of the 20 questions pertain to public shareholders and their sources of wealth, while the remaining four are mere baseless allegations. Needless to say, Hindenburg asked these questions to divert the attention of his target audience. at the cost of investors while managing their short trades for profit,” the Adani Group counter alleged.
Alleging the Hindenburg Research report on Adani Group’s debt position as their most ambitious attempt to thwart Adani Enterprises FPO, Adani Group said, “We take serious objection to Hindenburg, who chose to mislead investors, watchdogs and policy makers at a time when Adani Group has launched the country’s largest FPO.” and distorted quoting of information already disclosed to raise questions in the minds of Indian and global investors to mislead them about the Indian growth story. It is an attack on the trust of the stakeholders in the Adani Group, which undermines its commitment to ‘Growth with Good’.”
Know your inner investor
Do you have guts of steel or are you a victim of insomnia regarding your investments? Let’s define your investment approach.
catch all business News, market news, breaking news events and breaking news Update on Live Mint. download mint news app To get daily market updates.