A few days back, all was well for the Gautam Adani-led Adani Group. Now, a deadly short-seller attack has left the billionaire reeling from the worst. The group has shed $108 billion in market value since Hindenburg Research accused it of stock manipulation and accounting fraud.
as many as three Adani Group companies, including Adani EnterprisesAs per the latest data available with the exchanges on Thursday, BSE and NSE have come under the short-term Additional Monitoring Measures (ASM) framework.
Apart from Adani Enterprises, the other two companies listed by the exchanges are – Adani Ports And special economic zone and Ambuja Cements.
Shares of Adani Enterprises have received another blow from the US markets. Shares of Adani Enterprises now face removal from the Dow Jones Sustainability Index, effective ahead of the open on Tuesday, February 7, 2023. This information is given in the index announcement by the US markets.
Taking to Twitter, TMC MP Mahua Moitra asked, ‘Why is NSE not re-evaluating the index membership of Adani shares?
“S&P Dow Jones removed Adani Enterprises from the Dow Jones Index due to allegations of stock manipulation and accounting fraud. Why is @NSEIndia not re-evaluating the index membership of Adani stocks while the international ones are?” he tweeted.
The TMC MP on Thursday urged insurance regulator IRDAI to keep a tab on state-run Life Insurance Corporation (LIC), which has made huge investments. 30,000 crore in the ports-to-power group.
Meanwhile, Congress General Secretary KC Venugopal has said that the party will hold a nationwide protest on February 6 in front of Life Insurance Corporation offices and State Bank of India branches in all districts.
Speaking to ANI, Venugopal said, “The government at the Center is using common people’s money to support their close friends. The Congress party on Monday launched a nationwide agitation in the districts of the country in front of LIC and SBI offices.” has decided.”
Hindenburg alleged in his report that Adani used offshore shells for money laundering and siphoned off money from listed companies. The short seller, who took a position in offshore Adani Securities, described the group’s meteoric rise as “the biggest scam in corporate history”.
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