Shares of Adani Group continue to be in focus following a notification from MSCI. MSCI will review the free-float status of Adani Group securities.
“MSCI has received feedback from a range of market participants concerning the eligibility and free float determination of specific securities associated with the Adani Group for the MSCI Global Investable Market Indexes (GIMI),” it said in a statement.
Also read: MSCI statement on Adani investors validates Hindenburg’s findings, says founder Nathan Anderson
Adani Group stocks crashed after US-based short-seller Hindenburg Research published a damning report on Adani Group and accused the conglomerate of “brazen stock manipulation, money laundering, and accounting fraud scheme over the course of decades”. In over 400 page response, the Adani Group called Hindenburg’s report “maliciously mischievous and unresearched”.
However, some of the Adani Group stocks have managed to recover significantly. Adani enterprises stock is up over 112 per cent from its 52-week low of Rs 1,017.10 which it hit on February 3, 2023. Shares of NDTV have also managed to recover 99.7 per cent from its 52-week low of Rs 114.30.
Adani Power stock is also up over 72 per cent from its 52-week low of Rs 106.10, followed by Adani Wilmar (54 per cent), Adani Ports and SEZ (52 per cent) and Ambuja Cements (40 per cent).
Since the Hindenburg report was released last month, the Adani Group stocks have lost more than Rs 9 lakh crore. Some Adani group stocks even crashed up to 35% amid a brutal sell-off.
Earlier, Adani Enterprises also called off the FPO, despite the offer being fully subscribed. The company’s board felt that it was not morally correct to proceed with the issue, given the volatility in the market.
The Supreme Court will hear two petitions on Friday, which have been filed to seek a court-monitored probe into short-seller Hindenburg Research’s report. The petitions have been filed by advocates ML Sharma and Vishal Tiwari, who claimed that the report has led to a massive loss to investors.