Shares in India's Adani plunge 15% after fraud claims

MG News | January 27, 2023 at 03:01 PM GMT+05:00

0:00

January 27, 2023: Trading in the business empire of Asia's richest man, Gautam Adani, was halted on Friday following a 15% plunge in its share price, days after a US investment firm, Hindenburg Research, claimed it had committed "brazen" corporate fraud.

Adani Enterprises, the flagship company of Adani Group, tumbled to 508.45 rupees ($6.23) in Mumbai, triggering an automatic 105-minute trading halt, while subsidiary Adani Total Gas also halted after it tanked 20%.

Hindenburg Research this week alleged in a report that Adani Group had used undisclosed related-party transactions and earnings manipulation to "maintain the appearance of financial health and solvency" of its listed business units.

Adani Group denied these allegations, calling them a "maliciously mischievous" reputational attack, and said they are exploring legal action against Hindenburg in the US and Indian courts.

The report comes as Adani Group is preparing for a major fundraising round.

AFP/APP

Related News

Name	Price/Vol	%Chg/NChg
KSE100	134,299.77 290.06M	0.39% 517.42
ALLSHR	84,018.16 764.12M	0.48% 402.35
KSE30	40,814.29 132.59M	0.33% 132.52
KMI30	192,589.16 116.24M	0.49% 948.28
KMIALLSHR	56,072.25 387.69M	0.32% 180.74
BKTi	36,971.75 19.46M	-0.05% -16.94
OGTi	28,240.28 6.19M	0.21% 58.78

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	118,140.00	119,450.00 115,635.00	4270.00 3.75%
BRENT CRUDE	70.63	70.71 68.55	1.99 2.90%
RICHARDS BAY COAL MONTHLY	97.50	0.00 0.00	1.10 1.14%
ROTTERDAM COAL MONTHLY	108.75	108.75 108.75	0.40 0.37%
USD RBD PALM OLEIN	998.50	998.50 998.50	0.00 0.00%
CRUDE OIL - WTI	68.75	68.77 66.50	2.18 3.27%
SUGAR #11 WORLD	16.56	16.60 16.20	0.30 1.85%