Adani Group stocks continue to fall; Adani Total Gas, Adani Transmission, Adani Green tank 20 pc
New Delhi, Jan 27: Adani group stocks took a beating for a second straight session on Friday, falling up to 20 per cent and losing over Rs 4.17 lakh crore from the combined market valuation of listed firms after the US-based investment research firm Hindenburg Research made damaging allegations.
Shares of Adani Total Gas plummeted 20 per cent, Adani Transmission tumbled 19.99 per cent, Adani Green Energy plunged 19.99 per cent and Adani Enterprises tanked 18.52 per cent on the BSE.
Also, Adani Ports and Special Economic Zone fell 16.03 per cent, Adani Wilmar dipped 5 per cent and Adani Power declined 5 per cent.
Ambuja Cements tanked 17.16 per cent and ACC fell 13.04 per cent.
In the broader market, the 30-share BSE benchmark tumbled 874.16 points or 1.45 per cent to settle at 59,330.90.
In two days, the Adani group firms have lost a whopping Rs 4,17,824.79 crore from their market valuation.
The market valuation of Adani Total Gas plummeted Rs 1,04,580.93 crore, while that of Adani Transmission eroded by Rs 83,265.95 crore.
Adani Enterprises market capitalisation (mcap) fell by Rs 77,588.47 crore, Adani Green Energy lost Rs 67,962.91 crore and Adani Ports (Rs 35,048.25 crore).
The market valuation of Ambuja Cements declined by Rs 23,311.47 crore, Adani Power by Rs 10,317.31 crore, ACC by Rs 8,490.8 crore and Adani Wilmar by Rs 7,258.7 crore.
The sharp slump in the Indian market was triggered by an unfavourable research report on Adani group companies. This is also affecting the banking stocks, especially PSU banks due to their high exposure to the group, Vinod Nair, Head of Research at Geojit Financial Services, said.
According to him, FIIs' cautious stance ahead of the Union Budget and FOMC (Federal Open Market Committee) meetings also fuelled the collapse.
"The maliciously mischievous, unresearched report published by Hindenburg Research on January 24, 2023, has adversely affected the Adani Group, our shareholders and investors. The volatility in Indian stock markets created by the report is of great concern and has led to unwanted anguish for Indian citizens," Adani Group's lead head Jatin Jalundhwala said in a statement.
The report and its unsubstantiated contents were designed to have a deleterious effect on the share values of Adani Group companies as Hindenburg Research, by their own admission, is positioned to benefit from a slide in Adani shares, he said.
"We are deeply disturbed by this intentional and reckless attempt by a foreign entity to mislead the investor community and the general public, undermine the goodwill and reputation of the Adani Group and its leaders, and sabotage the FPO (Follow-on Public Offering) from Adani Enterprises," he said.
"We are evaluating the relevant provisions under US and Indian laws for remedial and punitive action against Hindenburg Research."
Hindenburg, a US-based investment research firm that specialises in activist short-selling, said on Wednesday that its two-year investigation revealed that Adani Group has "engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades".
"Indian benchmark equity gauges hit their over three-month lows on Friday, dragged by massive selling mainly in Adani group and banking stocks. Adani shares were in the line of fire following the Hindenburg report accusing the group of serious irregularities," said Devarsh Vakil, Deputy Head of Retail Research, HDFC Securities.
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UP: Govt hospital staff booked for sexually assaulting woman in pretext of ultrasound test
Gorakhpur (PTI): A hospital employee was booked for allegedly sexually assaulting a woman in the pretext of an ultrasound test here in the district women's hospital, police said on Saturday.
According to the complaint, the woman, a resident of the Gulriha area, visited the district women's hospital on Thursday morning for an ultrasound test.
She was directed to a room, where Abhimanyu Gupta was conducting ultrasounds. When her turn came, the accused allegedly stared at her and told her to remove all her clothes, claiming it was necessary for the test and that a massage would also be required, she said.
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The woman alleged that once she complied, the accused began making obscene advances and tried to force himself on her. When she screamed, he allegedly gagged her, abused her and threatened to kill her before pushing her out of the room.
She said her complaints within the hospital went unheard, forcing her to approach the police.
Taking cognisance of the complaint, the hospital administration constituted a three-member inquiry committee, officials said.
Senior consultant (paediatrics) Dr Jay Kumar said, "The woman has levelled serious allegations against a staff member. Senior officials have been informed, and a departmental inquiry is underway. Strict action will be taken if the charges are proved."
Kotwali Station House Officer Chatrapal Singh said a case has been registered, and efforts are on to nab the accused.
