Adani Group’s fall raises internal crisis
By MYBRANDBOOK
The recent report uncovered by US-based short-seller Hindenburg against the Adani Group of companies of stock manipulation and misusing tax havens, a lot has changed for the ports-to-power conglomerate.
Adani Group's rout of 108 billion dollars alongside rate hike scenarios from central banks likely has slowed down the year's Emerging-Market rally. According to a Bloomberg report, cracks are appearing in Wall Street’s bullish case for emerging markets as hurdles — from Adani Group’s $108 billion rout to the Federal Reserve’s rate-hiking plans — prompt a more selective investment approach.
The Hindenburg report, resulted in triggering panic among investors about the functioning of the company and the auditors. The crisis in Adani Group does not seem to calm down with hundreds of members of India's opposition parties taking it to the streets across India, demanding a probe into allegations raised by Hindenburg against the conglomerate.
According to market analysts, the accumulated loss in all the Adani Group stocks stood at a whopping Rs 50,000 crore. Adani Group stocks continue to bleed, free fall cost group another Rs 50,000 crore.
Out of 10 Adani stocks, about 6 of them were trading at their lower circuit including Adani Enterprises, Adani Green & more. Only Adani Ports was seen making a moderate rise.
Dalal Street once again saw major turbulence on the first day of the week, with Adani Group stocks leading the downtrend. Stock markets opened in red, with benchmark indices Sensex dropping to about 500 points. At the same time, Adani Group denied media reports that said the conglomerate was planning to cut back its capital spending.
The bloodbath & turmoil in Adani Group stocks continue as the beleaguered company stocks crashed almost upto 10%. The free-fall in the shares of embattled Adani comes, after almost 8 days of the explosive report produced by Hindenburg Research. The company’s m-cap & valuation has seen a sharp decline. In 8 consecutive sessions, the company has lost about Rs 10 lakh crore.
The opposition parties, who last week called for a parliamentary panel to investigate the saga and disrupted proceedings, have questioned Prime Minister Narendra Modi's closeness with Adani.
At the same time, Protesters expressed anger about investments made by two government-owned behemoths Life Insurance Corporation (LIC) and State Bank of India in Gautam Adani's group.
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