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Home > Mumbai > Mumbai News > Article > All Adani group stocks tumble in early trade Sensex tanks by 47978 points to 7922613

All Adani group stocks tumble in early trade; Sensex tanks by 479.78 points to 79,226.13

Updated on: 12 August,2024 01:08 PM IST  |  New Delhi
mid-day online correspondent |

All 10 Adani group stocks slumped in early trade on Monday, with Adani Energy tumbling 17 per cent, after US short-seller Hindenburg Research alleged that SEBI chairperson, her spouse had undisclosed investments in obscure offshore funds in Bermuda, Mauritius, the same entities allegedly used by Vinod Adani to round-trip funds, inflate stock prices

All Adani group stocks tumble in early trade; Sensex tanks by 479.78 points to 79,226.13

Adani Energy Solutions nosedived 17 per cent, Adani Total Gas tanked 13.39 per cent, NDTV plunged 11 per cent and Adani Power dropped 10.94 per cent on BSE. FIle pic

All the 10 Adani Group stocks slumped in early trade on Monday, with Adani Energy tumbling 17 per cent, after the US short-seller Hindenburg Research alleged that Securities and Exchange Board of India (SEBI) chairperson Madhabi Puri Buch and her husband had undisclosed investments in obscure offshore funds in Bermuda and Mauritius, the same entities allegedly used by Vinod Adani to round-trip funds and inflate stock prices.


Adani Energy Solutions nosedived 17 per cent, Adani Total Gas tanked 13.39 per cent, NDTV plunged 11 per cent and Adani Power dropped 10.94 per cent on the Bombay Stock Exchange (BSE), news agency PTI reported.


The stocks of Adani Green Energy declined 6.96 per cent, Adani Wilmar slumped 6.49 per cent, Adani Enterprises tumbled 5.43 per cent, Adani Ports dived 4.95 per cent, Ambuja Cements skidded 2.53 per cent and ACC dipped 2.42 per cent.


On August 10, Hindenburg Research alleged that Buch and her husband had undisclosed investments in obscure offshore funds in Bermuda and Mauritius, the same entities allegedly used by Vinod Adani – the elder brother of group chairman Gautam Adani – to round-trip funds and inflate stock prices.

Buch and her husband issued a statement calling Hindenburg's latest tirade as an attack on the credibility of SEBI and attempted "character assassination".

In the equity market, the 30-share BSE Sensex tanked 479.78 points to 79,226.13. The National Stock Exchange (NSE) Nifty dropped 155.4 points to 24,212.10.

Buch and her husband Dhaval, in a joint statement on August 11, said the investments were made in 2015, well before her appointment as a whole-time member of SEBI in 2017 and the subsequent elevation as chairperson in March 2022. They said they made the investments in capacity as "private citizens living in Singapore".

These funds became "dormant" on her appointment in SEBI, the couple stated.

"SEBI was tasked with investigating investment funds relating to the Adani matter, which would include funds Ms Buch was personally invested in and funds by the same sponsor which were specifically highlighted in our original report. This is obviously a massive conflict of interest," Hindenburg said. 

The report led to a massive political storm, with Opposition leaders calling for Buch's resignation. 

(With PTI inputs)

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