Adani Enterprises, Port shares rise; Other group stocks extended losses for 3rd straight day on Hinderburg impact
New Delhi: Shares in India’s Adani Enterprises and Adani Ports and SEZ rose on Monday but shares of several other group companies plunged for the third straight day, extending their losses after a U.S. based short seller report that criticised the group.
While the flagship Adani Enterprises rose by 3.6 percent to Rs.2861.45, Adani Ports and SEZ shares rose by 0.72 percent to Rs.602.90 in the early hours on Monday.
Adani group has locked horns with U.S.-based Hindenburg Research and on Sunday rebutted its report that flagged concerns about debt levels and the use of tax havens. Adani said it complies with all local laws and had made the necessary regulatory disclosures.
The report led to a $48 billion wipe-out in seven listed companies of the Adani group last week.
On Sunday, Adani group, in its 413-page response to Hinderburg, had termed the allegations made by short seller Hindenburg Research to a “calculated attack” on India, its institutions and growth story, saying the allegations are “nothing but a lie”.
“This is not merely an unwarranted attack on any specific company but a calculated attack on India, the independence, integrity and quality of Indian institutions, and the growth story and ambition of India” said Adani Group.