The Indian stock market is rocked by allegations of fake accounts against Adani Group. Sensex lost 874 points and Nifty 288 points. Adani Group suffered a loss of Rs 4.17 lakh crore in two days. Meanwhile, the Securities and Exchange Board of India will further examine Hindenburg Research’s report against Adani.
This is the biggest loss in the last three months. Shares of banking and financial institutions fell sharply on the allegations against Adani Group. Adani Group shares lost more than 20 percent. Hindenburg Research alleged that Adani companies were trading on artificial basis. Due to this, in the last two days, the Adani Group suffered a loss of four hundred and seventeen thousand crore rupees.
Gautam Adani, who was second in the Forbes list of the world’s billionaires, slipped to seventh place. Investors’ interest in Adani’s follow-on public issue, which was launched with the aim of raising Rs 20,000 crore, also faded. Meanwhile, SEBI has decided to conduct a detailed inquiry into the allegations made by Hindenburg Research. SEBI will verify the facts of the matters raised in the report.
Adani Group companies lose ₹3.60 lakh crore in market value amidst tussle with Hindenburg Research