Adani Enterprise Share Experience 10% Increase in Early Trading After Adani Group Releases 413-Page Rebuttal of Hindenburg Research Report
Adani Enterprise Share
Adani Enterprises share price experienced massive purchasing in early morning dealings following robust 413 page fresh rebuttal of Hindenburg Research report by Adani group on Sunday, and touched upper circuit within few minutes of stock market’s opening bell. Shares of Adani Enterprises rose throughout the morning session, reaching an intraday high of Rs. 3,037.55 per share and locking in a 10% upper circuit. The trading volume for Adani Enterprises shares increased 1.79 times on the BSE as well, and they hit an upper circuit after rising to a price of Rs. 3,038.35 per share.
Adani Ports Share
Adani Ports shares, along with other Adani group companies, reached an all-time high on the BSE and NSE just minutes after the market opened today. Similar to Adani Enterprises’ stock, Adani Ports’ share price today opened higher and hit upper circuit after rising 10% from its Friday closing level of Rs 596.95 per share. In the early morning session on Monday, shares of ACC Ltd and Ambuja Cements also saw purchasing interest.
Adani Group Stock
The destiny of other Adani group stocks remained unchanged, as they continued to fall for the third consecutive session on Monday. Adani Power’s share price began lower Thursday, locking in a 5% lower circuit for the third day in a running. 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.
The Adani Group’s response to the Hindenburg research
Adani Group responded in a new and forceful way to the Hindenburg Research study company’s debt positioning, claiming that the research was clearly created with the intention of profiting at the expense of our shareholders and public investors. Its report is neither “objective” nor “independent.” It is a manipulative document that is replete with conflicts of interest and exclusively meant to create a phony market in stocks to book unjustified gain, which obviously qualifies as securities fraud under Indian law.
“Hindenburg asked 88 questions, 68 of which have already been duly disclosed by Adani Group entities in their individual annual reports, offering memorandums, financial statements, and stock exchange filings from time to time. 16 of the 20 questions concern public stockholders and their funding sources, while the remaining 4 are merely unfounded accusations.
Needless to say, Hindenburg devised these queries in order to divert the attention of its target audience while managing its short bets to benefit at the expense of investors “The Adani Group refuted the allegations.
Adani group claimed that the Hindenburg Research study on Adani group debt positioning was an attempt to sabotage their most ambitious Adani Enterprises FPO “We have severe concerns about Hindenburg’s decision to deceive investors, watchdogs, and policymakers at a time when Adani Group has launched the country’s largest FPO,” he added. It undercuts the Adani Group’s promise to “Growth with Goodness” and is an attack on the stakeholders’ trust.”