Seven of ten Adani group firms end marginally lower

 

 

 

SHARES of seven of the ten Adani group firms ended marginally lower on Tuesday, while three companies -- Adani Total Gas, Adani Green and Adani Energy -- ended in the positive territory amid weak trends in the equity market. At the close of trade, the stock of Adani Wilmar went lower by 2.37 per cent, Adani Enterprises declined 1.92 per cent, Ambuja Cements slipped 1.86 per cent, Adani Ports dropped 1.24 per cent, ACC (0.54 per cent), Adani Power (0.20 per cent) and NDTV (0.20 per cent) on the BSE. However, shares of Adani Total Gas rallied 1.94 per cent, Adani Green Energy advanced 1.38 per cent, and Adani Energy Solutions climbed 0.70 per cent.

 

In intra-day trade, the stock of Adani Energy Solutions witnessed a sharp rebound and jumped 6.28 per cent, Adani Total Gas surged 4 per cent, NDTV went up by 2.56 per cent and Adani Green Energy climbed 2.55 per cent. Shares of Adani Wilmar went up 2.15 per cent, ACC (1.93 per cent), Adani Power (1.74 per cent), Adani Ports (1 per cent) and Ambuja Cements (0.43 per cent) during the day. The 30-share BSE Sensex tumbled 692.89 points or 0.87 per cent to settle at 78,956.03. The NSE Nifty slumped 208 points or 0.85 per cent to 24,139. On Monday intra-day trade, the group firms faced drubbing after the US short-seller Hindenburg Research alleged that Sebi chairperson Madhabi Puri Buch and her husband had undisclosed investments in obscure offshore funds in Bermuda and Mauritius, the same entities allegedly used by Vinod Adani to round trip funds and inflate stock prices. Hindenburg on Saturday evening alleged that a conflict of interest is preventing Sebi chairperson Buch from doing a thorough probe into allegations against the Adani group. Buch as well as the Adani group issued strong denials on Sunday. Buch and her husband issued a joint statement calling Hindenburg’s latest tirade an attack on the credibility of Sebi and attempted “character assassination”. The statement on Sunday said the investments were made in 2015, well before her appointment as a whole-time member of SEBI in 2017 and the subsequent elevation as chairperson in March 2022, and in capacity as a “private citizen living in Singapore”. These funds became “dormant” on her appointment in SEBI. Adani Group on Sunday termed Hindenburg Research’s latest allegations as malicious and manipulative of select public information, saying it has no commercial relationship with the Sebi chairperson or her husband.