It all started after US Hindenburg Research published a damning report on the Adani Group. It said that the conglomerate has “engaged in brazen stock manipulation and accounting fraud schemes over the course of decades”
In an over 400-page response, the Adani Group called all the allegations "unsubstantiated" and "misleading". It accused Hindenburg Research of not doing proper research and “copy-pasting” from the company’s disclosures
Adani Enterprises called off the FPO, despite the offer being fully subscribed. The company's board felt that it was not morally correct to proceed with the issue, given the volatility in the market
Valuation Guru Aswath Damodaran finds a fair value of Adani Enterprises stock at Rs 945. If you compare it with Monday's closing price of Rs 1572.40, the stock has a 40% downside potential
Promoters of Adani Group have posted the amounts to prepay $1.1 billion of the share-backed facility of its maturity of September 2024
Credit Suisse, Citigroup and Standard Chartered said they would stop accepting Adani bonds as collateral for margin loans. However, the companies are still eligible for inclusion in JPMorgan’s influential bond indexes
Market regulator Securities and Exchange Board of India (SEBI) said that for the orderly and efficient functioning of the market, all surveillance measures are in place to address excessive volatility in specific stocks
Adani Group has so far lost Rs 9.4 lakh crore m-cap. The total m-cap of the group tanked to Rs 9.8 lakh crore on February 6, 2023, from Rs 19.20 lakh crore as on January 24, 2023
Most Adani Group stocks including Adani Power, Adani Total Gas, Adani Wilmar, Adani Green, Adani Transmission, Adani Ports, Adani Enterprises, Ambuja Cements, ACC and NDTV are down over 50% from 52-week highs
The information mentioned in the story is for information purposes only. Investors or market participants should consult their financial advisors before taking any position