Shares of Ambuja Cements and ACC fell for the second straight session today after a report by Hindenburg Research alleged accounting frauds, stock manipulations and money laundering by the Adani Group. The stocks of cement firms, which were recently acquired by the Gautam Adani-led Adani Group, fell up to 10 per cent in early trade. While ACC stock fell over 9%, shares of Ambuja Cements slipped 10% in morning deals. Shares of media firm NDTV, in which the Adani Group has acquired a majority stake, slipped 5% intraday on BSE. ACC shares lost 9.64% to Rs 1957.60 against the previous close of Rs 2,166.60. Market cap of the firm fell to Rs 37,360 crore. A total of 0.42 lakh shares of the firm changed hands amounting to a turnover of Rs 8.59 crore.
The stock has fallen 8.16 per cent in a year and lost 18.43 per cent in 2022. ACC stock is trading lower than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages. ACC stock has lost 15.42% in the last two sessions.
Similarly, shares of Ambuja Cements were stuck in the lower circuit of 10% at Rs 414.60 against the previous close of Rs 460.10. The stock has risen 17.71 per cent in a year and fallen 20.99 per cent in 2022. Ambuja Cements stock is trading lower than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages. Ambuja Cements stock has lost 15.42% in the last two sessions. A total of 5.90 lakh shares of the firm changed hands amounting to a turnover of Rs 25.48 crore on BSE.
Meanwhile, NDTV shares were down 5% to Rs 256.35 against the previous close of Rs 269.80 on BSE. The stock has lost 10% in two sessions after the report by Hindenburg Research.
The crash in the Adani Group stocks has wiped out Rs 2.37 lakh crore from the Group’s market capitalisation in just two sessions.
Adani Group called Hindenburg's report as maliciously mischievous and unresearched, which, it said, adversely affected the Adani Group, its shareholders and investors. But Billionaire investor William Ackman in a tweet on Thursday said he found short-seller Hindenburg Research's report on Adani Group "highly credible and extremely well researched."
Adani Group had said the timing of the Hindenburg report’s publication clearly betrays a brazen, mala fide intention to undermine the group’s reputation with the principal objective of damaging the follow-on public offering (FPO) from Adani Enterprises, which is the biggest FPO ever in India.
Meanwhile, Sensex plunged about 813 points to 59,391, whereas Nifty lost 238 points to 17,653 during today’s session.
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