As many investors chose to play it safe following allegations leveled against Sebi chief Madhabi Buch in the Adani vs Hindenburg controversy, shares of Adani Group companies fell up to 7% this morning. As a result, investors lost around Rs 53,000 crore with the combined market capitalization of 10 Adani stocks falling to Rs 16.7 lakh crore.
Adani Green Energy shares were among the worst hit as it suffered a loss of 7% to hit the day’s low at Rs 1,656 on BSE before recovering some of the losses later on.
Shares of Nifty stock Adani Ports was down around 2% and was the second biggest loser on the bluechip index after the conglomerate’s flagship entity Adani Enterprises.
While the Hindenburg report raises no fresh charges against the Adani Group, it has alleged that Sebi chief Buch and her husband Dhaval Buch had stakes in Bermuda and Mauritius-based offshore funds used by Gautam Adani’s brother Vinod Adani “to amass and trade large positions in shares of the Adani Group”.
As the report raised questions on whether Sebi can be trusted as an objective arbiter in the Adani matter, the i ..
