Adani Enterprises’ stock surges after a 413-page refutation of the Hindenburg Research study
Stock market today: Following Adani Group’s powerful 413-page new rebuttal of the Hindenburg Research report on Sunday, Adani Enterprises share price today saw considerable purchasing in early morning trades and touched upper circuit within a few minutes of the stock market’s opening bell. Adani Enterprises shares began higher in the morning session, reaching an intraday high of 3,037.55 per share, locking in a 10% upper circuit. On the BSE, Adani Enterprises shares saw a 1.79-fold increase in trade volume and reached the upper circuit after soaring to 3,038.35 per share.
Adani Ports shares, like other Adani group equities, hit the upper circuit on the BSE and NSE within minutes of the stock market opening bell today. Adani Ports, like Adani Enterprises, began on the positive today and touched the upper circuit after rising 10% from its Friday finish of 596.95 per share. In the early morning session on Monday, shares of ACC Ltd and Ambuja Cements also saw purchasing activity.
Other Adani group stocks, on the other hand, extended their losing streak for the third consecutive session on Monday. Adani Power’s share price began lower today and locked in a 5% downward circuit for the third day in a row. The share price of Adani Total Gas was also under significant selling pressure in the early morning session, and it closed at a lower circuit for the second consecutive day.
Adani Green Energy shares were also under pressure at the opening bell today, hitting a new 52-week low of 1,216.05 on the NSE.
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The Adani Group’s response to the Hindenburg study report
Adani Group claimed in a new and robust reaction to Hindenburg Research study company’s debt posture that Hindenburg report was created with a clear goal to profit at the expense of our shareholders and public investors. Its report is neither “independent” nor “objective.” “neither “objective. It is a deceptive document riddled with conflicts of interest and designed solely to create a fake market in stocks in order to book unjust gain, which obviously amounts to securities fraud under Indian law.
“Hindenburg asked 88 questions, 68 of which have previously been adequately disclosed by Adani Group entities in their individual annual reports, offering memorandums, financial statements, and stock market filings from time to time. Sixteen of the twenty inquiries concern public shareholders and their sources of funding, while the remaining four are just unfounded charges. Needless to say, Hindenburg invented these questions to divert the attention of its target audience while managing its short bets at the expense of investors “The Adani Group counter-claimed.
Adani group claimed that the Hindenburg Research report on Adani group debt positioning was an attempt to sabotage their most ambitious Adani Enterprises FPO “We have serious concerns about Hindenburg’s decision to mislead investors, watchdogs, and policymakers at a time when Adani Group has launched the country’s largest FPO,” he added. It is an attack on the faith of Adani Group’s stakeholders undermines its promise for the ‘Growth with Goodness’.”