A host of Adani group shares including Adani Total Gas and Adani Power extended their recent drop in Wednesday's trade, even as stocks such as Adani Wilmar and Adani Ports & SEZ made some recovery from recent falls.
Adani Enterprises, whose Rs 20,000 crore follow-on public offer eventually sailed through, was down 1.12 per cent at Rs 2,941.60 on BSE. The issue was subscribed 1.12 times in total, with the QIB portion getting 1.26 times bids. The HNI-NII portfolio was subscribed 3.32 times. The retail portion of the FPO went undersubscribed at 12 per cent. The employees portion could only receive 55 per cent bids.
Adani Total Gas was worst hit. The stock tumbled 9.83 per cent to Rs 1905.15. Adani Power slid 4.6 per cent to Rs 213.45. Adani Transmission declined 1.32 per cent to Rs 1,750.55.
Adani Wilmar climbed 3.83 per cent to Rs 484.80. Adani Ports edged 0.20 per cent higher at Rs 614. Adani Green Energy inched 0.17 per cent up to Rs 1,226.15.
Adani Group stocks have seen huge volatility of late, after Hindenburg Research made allegations on Adani group including accounting frauds, stock manipulations and money laundering. Hindenburg Research claimed it took it two years to come out with the Adani group investigation and felt the group stocks are commanding sky-high valuations, with a 85 per cent potential downside. In a concluding note, it posed 88 questions to the Adani group.
Hindenburg Research report talked about Gautam Adani’s brother Rajesh Adani and brother-in-law Samir Vora, who it said played key roles in the diamond trading import/export scheme using offshore shell entities to generate artificial turnover. Adani's brother Vinod Adani, found at the centre of government investigations “regularly”, manages a network of offshore entities that have collectively moved billions of dollars into Adani’s publicly listed and private entities, Hindenburg Research said. These companies engage in stock parking and manipulation, and money laundering through the private companies into the listed ones, Hindenburg Research said.
The Adani Group has denied the allegations.
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