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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Two killed, 12 injured after three-storey building collapses in Indore
Indore (PTI): A three-storey house collapsed in Indore's Ranipura area on Monday night following rains, killing two persons and injuring 12 others, officials said.
District Collector Shivam Verma said that 14 members of a family were trapped under the debris of the building.
Of them, 12 were undergoing treatment at the Maharaja Yeshwantrao Government Hospital (MYH), the officer said, adding the deceased have been identified as Alifa and Faheem.
Dean of the Mahatma Gandhi Memorial Medical College, Dr Arvind Ghanghoria, told PTI that Alifa (20), who was trapped under the debris of the collapsed building, was brought to the Maharaja Yeshwant Rao Hospital, where doctors declared her dead.
The five-hour rescue operation is now over, the district collector said. "The front portion of the building had recently been rebuilt, but the back portion was old. We will investigate the condition of the building's foundation.
Mayor Pushyamitra Bhargava said that a portion of the collapsed building fell on a neighbouring structure. Preliminary information suggests the building was eight to 10 years old.
