Adani group shares continued to bleed on Monday and tumbled up to 19% in the aftermath of the US-based forensic financial research firm Hindenburg Research report, which alleged accounting fraud, stock manipulation and improper use of offshore tax havens by the group. Despite the Adani group’s 413-page response claiming that the allegation are ‘nothing but lies’, Adani group companies’ stocks continued to see sell-off. Aside from Adani Enterprises which jumped more than 7% to Rs 2.966 and Adani Ports which rose 4%, all other Adani group company shares were deep in red. Adani Transmission shares plunged more than 15% on BSE to Rs 1,648 apiece, Adani Green Energy tumbled 16%, Adani Total Gas was down 19%. Adani Wilmar and Adani Power shares tanked 5% to hit the lower circuit.

For the unversed, Hindenburg Research’s report titled ‘Adani Group: How The World’s 3rd Richest Man Is Pulling The Largest Con In Corporate History’ alleged that Gautam Adani, founder and chairman of the Adani Group, had amassed a net worth of roughly $120 billion, adding over $100 billion in the past three years, largely through stock price appreciation in the group’s seven key listed companies, which had spiked 819% on an average of during the period. Adani group called the report baseless, and that it had adversely affected its shareholders and investors. In a 413-page response, Adani Group said the report was driven by “an ulterior motive” to “create a false market” to allow the US firm to make financial gains. Hindenburg Research, in its reply to Adani Group’s response calls out the conglomerate for not answering questions.

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