Key Points
AdaniGroup companiesshed as much as $19 billion in market valueon Monday after Hindenburg Researchaccused the Indian market regulator probing the group of having links to offshore funds also used byAdani.. . Billionaire Gautam Adanis flagship firmAdaniEnterprisesfell 2% in morning trade, whileother companies in the groupfell between 2% and 4.5%..
Total losses in Adani companies narrowed to $9 billion after the early plunge.. . Hindenburg, named after the 1937 airship disaster, is a New York-based short seller..
Things will get back to normalcy, said Sunny Agrawal, head of fundamental equity research at SBICAPS Securities.. . . Buch said Hindenburgs allegations were baseless.Adanialso rejected the fresh allegations on Sunday and said its overseas holding structure was fully transparent.. ..
We will likely see a short to medium term sentiment impact onAdanistocks, especially as retail investors are pressurized by the allegations made against SEBI, said Kranthi Bathini, Director, Equity Strategy, WealthMills Securities.. ..
The allegations have also gained political traction, with Indias opposition leader Rahul Gandhi saying on X: The integrity of SEBI, the securities regulator entrusted with safeguarding the wealth of small retail investors, has been gravely compromised by the allegations against its chairperson.. . Ajay Seth, Indias economic affairs secretary, said on Monday that the regulator and the concerned person have made a statement..
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