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June 22, 2024
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Biggest fall in Adani Enterprises even on 7th day, erodes 76% wealth since Dec, what to happen to Adani Groups now?

Opposition leaders to held meeting in Parliament House on Adani case, demand for independent investigation

MUMBAI: The share price of Adani Enterprises took a fresh knock on February 3, plunging 35 percent in the morning trade, a day after it was placed under National Stock Exchange’s Additional Surveillance Measure framework.

America’s short selling company Hindenburg Research has accused Adani Group of fraud in its report. Since this report came, the shares of the group companies have been continuously coming down.

At 10.41 am, the stock was down 35 percent at Rs 1,017.45 apiece on the NSE. This is the worst-ever intraday fall for the stock. The stock has wiped out 76 percent value from its peak of Rs 4,190 hit in December 2022.

Since report of Hindenburg release on January 24, just before the Rs 20,000 crore follow-on public offer (FPO) by Adani Enterprises. However, the allegations made in this report have been denied by the Adani Group. But due to this, Gautam Adani suffered a big loss due to the fall in the shares of the group. Before the arrival of this report, he was at number three in the list of the world’s rich. According to the latest report of Bloomberg, this time he has slipped to number 16 in this list.

Leaders of various opposition parties are meeting on Friday to discuss the concerns arising out of the steep fall in Adani Group’s shares.

Congress President Mallikarjun Kharge has given this information.

ANI has shared some pictures and videos of this meeting.

According to ANI, Kharge said, “A meeting of leaders of various opposition parties in Parliament has been called today to discuss the matter.” In this meeting we will discuss further course of action. We had given notice yesterday but there was no discussion.

At the same time, a senior Congress leader, Jairam Ramesh, in a tweet on Friday morning, while putting pressure on the government, has demanded an independent inquiry into the matter.

Jairam Ramesh wrote, “There will be a meeting of leaders of various opposition parties at 10 o’clock in the chamber of Parliament House of Leader of Opposition Mallikarjun Kharge to chalk out a strategy.” Our demand is still the same that only an independent investigation can save other institutions like LIC, SBI, which were forced by PM to invest in Adani Group.

Adani Enterprises has been excluded from this index of America.

After putting three companies of Adani group on the watch list for some time by the National Stock Exchange, now it has got a big blow from the American stock market as well.

America’s ‘S&P Dow Jones Indices’ told on Thursday that it has been decided to exclude Adani Enterprises from Dow Sustainability Indices from February 7.

It said in a statement published on its website that Adani Enterprises (XBOM: 512599) will be removed from the Dow Jones Sustainability Indices following allegations of manipulation of shares and fraudulent accounts.

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