Shares of Adani Transmission slipped nearly 19 percent in early trade amid a report by Hindenburg Research alleging accounting frauds, stock manipulations and money laundering by the Adani Group. Adani Transmission stock crashed 19.01 per cent intraday to Rs 2034.3 in early trade against the previous close of Rs 2511.75 on BSE.
The stock opened with a loss of 4.05% at Rs 2409 on BSE today. Adani Transmission shares are trading lower than the 5-day, 20-day, 50-day, 100-day and 200-day moving averages. The stock has gained 9.69 percent in a year and fallen 14.92 percent since the beginning of this year.
Total 0.57 lakh shares changed hands amounting to a turnover of Rs 12.32 crore on BSE. Market cap of the firm fell to Rs 2.44 lakh crore. The large-cap stock hit a 52-week high of Rs 4238.55 on September 16, 2022 and a 52-week low of Rs 1815 on February 15, 2022.
After the report by Hindenburg Research, Rs 2.37 lakh crore have been wiped out from the Adani Group’s market capitalisation in a span of just two sessions.
Adani Group called Hindenburg’s report as maliciously mischievous and unresearched, which, it said, adversely affected the Adani Group, its shareholders and investors. But Billionaire investor William Ackman in a tweet on Thursday said he found short-seller Hindenburg Research’s report on Adani Group “highly credible and extremely well researched.”
Adani group had said that the timing of the Hindenburg report’s publication clearly betrays a brazen, mala fide intention to undermine the group’s reputation with the principal objective of damaging the follow-on public offering from Adani Enterprises, which is the biggest FPO ever in India.
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