All Adani group stocks tumble; Adani Energy slumps 17 pc
New Delhi (PTI): All the ten Adani group stocks slumped in early trade on Monday, with Adani Energy tumbling 17 per cent, after the US short-seller Hindenburg Research alleged that SEBI chairperson Madhabi Puri Buch and her husband had undisclosed investments in obscure offshore funds in Bermuda and Mauritius, the same entities allegedly used by Vinod Adani to round-trip funds and inflate stock prices.
Adani Energy Solutions nosedived 17 per cent, Adani Total Gas tanked 13.39 per cent, NDTV plunged 11 per cent and Adani Power dropped 10.94 per cent on the BSE.
Stocks of Adani Green Energy declined 6.96 per cent, Adani Wilmar slumped 6.49 per cent, Adani Enterprises tumbled 5.43 per cent, Adani Ports dived 4.95 per cent, Ambuja Cements skidded 2.53 per cent and ACC dipped 2.42 per cent.
Hindenburg Research had on Saturday alleged that SEBI chairperson Buch and her husband had undisclosed investments in obscure offshore funds in Bermuda and Mauritius, the same entities allegedly used by Vinod Adani - the elder brother of group chairman Gautam Adani - to round-trip funds and inflate stock prices.
Buch and her husband issued a statement calling Hindenburg's latest tirade as an attack on the credibility of SEBI and attempted "character assassination".
In the equity market, the 30-share BSE Sensex tanked 479.78 points to 79,226.13. The NSE Nifty dropped 155.4 points to 24,212.10.
Buch and her husband Dhaval Buch in a joint statement on Sunday said the investments were made in 2015, well before her appointment as a whole-time member of SEBI in 2017 and the subsequent elevation as chairperson in March 2022, and in capacity as "private citizens living in Singapore". These funds became "dormant" on her appointment in SEBI.
"SEBI was tasked with investigating investment funds relating to the Adani matter, which would include funds Ms Buch was personally invested in and funds by the same sponsor which were specifically highlighted in our original report. This is obviously a massive conflict of interest," Hindenburg said.
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Shivakumar’s CM aspiration natural, high command will decide: Parameshwara
Bengaluru (PTI): Karnataka Home Minister G Parameshwara said on Saturday that Deputy CM D K Shivakumar, as the state Congress president, naturally aspires to become chief minister. However, he added that the final decision rests with the party's high command.
Amid ongoing speculation about a leadership change within the ruling Congress, he wished Shivakumar "good luck".
"I have always wished him so. There is nothing else; we are good friends. He is the PCC (Pradesh Congress Committee) president, and naturally, he has an aspiration to become the chief minister. Nobody can object to it. But it all depends on what the high command decides,” Parameshwara said in response to a question regarding Shivakumar’s aspiration for the CM post.
Speaking to reporters, he said, “Don’t always go back to the CM issue. Please understand there is nothing that I can tell you about it. If I were part of the decision-making body or inside the decision-making body, I could definitely provide information.”
Supporters of Shivakumar have been insisting on his elevation in line with a reported power-sharing agreement with chief minister Siddaramaiah when the party won the 2023 Assembly elections. Some have even claimed that "sweet news" is expected by May 15, which is Shivakumar’s birthday.
Speculation has been circulating within the Congress and political circles about a possible leadership change and cabinet reshuffle after May 4, once the results of the Assembly elections in four states and one union territory, along with bypolls to two Assembly segments in Karnataka, are announced.
However, AICC President Mallikarjun Kharge said on Thursday that there is no CM change in Karnataka "for now" and that the leadership issue in the state will be resolved soon.
On Friday, he said no date has been fixed yet to discuss a possible leadership change, while maintaining that any decision in this regard would be taken collectively by the party high command after due consultation.
Meanwhile, Parameshwara met senior Congress leader and MLC B K Hariprasad and Minister B Z Zameer Ahmed Khan over dinner on Friday. Hariprasad had met Siddaramaiah earlier in the day.
Responding to a question about discussions at the dinner, as his name is also being mentioned for the chief minister post amid calls for a "Dalit CM", the home minister said there was no discussion about the chief minister issue.
“Hariprasad told me that he met the CM, but he did not disclose what was discussed between them. Hariprasad, Zameer Ahmed Khan, and I met over dinner, and we discussed the elections held in four states and one union territory. We analysed the national-level political situation and naturally discussed the state’s political developments,” he said.
When asked if he would travel to New Delhi to meet the party high command, Parameshwara said, “I will definitely go to Delhi. Nobody can stop me from going there. I will go when it is required.”
