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Adani Group Stocks Decline As It Responds With Point-By-Point Rebuttal Of Hindenburg Report

Adani Group today responded to the 88-questions raised by Hindenburg Research in its Jan. 24 research report on Adani Group.

The Ahmedabad-headquarter group said 21 of the questions raised were responded in the public disclosures made in its 2015 Adani Portfolio presentation. The accounting or fraud assertions investigation made by Hindenburg.

It added that as far as accounting or fraud assertions investigation made by Hindenburg, “it is devoid of facts”.

However, the Adani group stocks declined in trade for the second consecutive day after the Hindenburg report was released.

Adani Total Gas declined the most out of all the group stocks, falling 15.08%, followed by Adani Transmission, Adani Green Energy and Adani Power, Adani Wilmar ACC and Ambuja Cements falling more than 4%. Lastly, Adani Enterprises and Adani Ports and SEZ decline more than 2%.

Source: Bloomberg

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