Hindenburg revealations! Adani stocks crash up to 17 per cent

Business: Following the fresh revelations by Hindenburg Research about SEBI chief Madhabi Puri Buch's and her husband's alleged links with Adani Group, the corporate giants' various business shares fell up to 17 per cent on Monday. Those fell include Adani Enterprises Ltd, Adani Power Ltd, Adani Tofal Gas Ltd, Adani Energy Solutions Ltd, Adani Green Energy Ltd, and five other Adani Group stocks, Business Today reported.

A day ago, Hindenburg Research revealed in a blog post that Madhabi and her husband, Dhaval Buch, have investments in offshore funds linked to the Adani Group. Despite the Buchs issuing a clarification and denying the market regulator's claims, Adani stocks tumbled.

However, analysts are positive that the current fall of stocks will be for a short time.

When Adani Power fell 10.94 per cent to hit a low of Rs 615 on BSE, Adani's flagship firm, Adani Enterprises, fell 5.27 per cent, reaching Rs 3,018.55. Adani Energy Solution made a nosedive of 17.06 per cent and hit a low of Rs 915.70 before a recovery of 2.38 per cent, reaching Rs 1,078. Further, Adani Green Energy tanked 6.96 per cent to Rs 1,656.05.

Adani Total Gas fell13.39 per cent to Rs 753. However, it recovered later to Rs 829.85, down 4.55 per cent. Further, Adani Wilmar declined 6.49 per cent, reaching Rs 360, Adani Ports fell 4.95 per cent to Rs 1,457.35, and ACC Ambuja Cements and NDTV slipped 2-3 per cent.

As per Hindenburg's new revelations, the IPE Fund, where the SEBI chief had investments beyond being a purported channel for Vinaod Adani's money, had other close ties to the Adani Group. Anil Ahuja, the founder and Chief Investment Officer (CIO) of the IPE Plus Fund, was Anil Ahuja, who, according to his biography, had served as a director of Adani Enterprises for nine years, up to 2017.