Adani Stocks Today: On the BSE, Adani Power shares fell 10.94 percent, reaching a low of Rs 619. Adani Enterprises fell 5.27 percent to a level of Rs 3,018.55. Before coming back, Adani Energy Solutions saw a 17.06 percent decline, reaching a low of Rs 915.70.
A 17 percent decline in the value of Adani Green Energy Ltd., Adani Enterprises Ltd., Adani Power Ltd., Adani Total Gas Ltd., Adani Energy Solutions Ltd., and five other Adani group stocks occurred during Monday’s trading session as a result of claims made by Hindenburg Research that SEBI Chairperson Madhabi Puri Buch and her spouse Dhaval Buch had ties to an offshore fund connected to the Adani group.
Analysts Prediction On Adani Stock Prices
Analysts predict that the current slump in Adani stock prices will pass quickly. Adani Power’s shares fell 10.94% to a low of Rs 619 on the BSE. At a low of Rs 3,018.55, the flagship company Adani Enterprises’ shares fell 5.27 percent.
In actuality, Adani Energy Solutions fell 17.06 percent to a low of Rs 915.70 before beginning to rise. Later, the shares fell 2.38 percent to Rs 1,078. At Rs 1,656.05., Adani Green Energy fell 6.96 percent.
Adani Total Gas dropped to Rs 753, a 13.39% decrease. Later on, it bounced back to a level of Rs 829.85, down 4.55%. Adani Wilmar had a 6.49 percent decrease to Rs 360. Adani Ports fell Rs 1,457.35 (4.95%) to Rs 1,457.35. NDTV, Ambuja Cements, and ACC all had a 2-3% decline.
In addition to allegedly acting as a conduit for Vinod Adani’s finances, Hindenburg asserted that the IPE Plus Fund, in which the SEBI chief had investments, had additional tight ties to the Adani family. Anil Ahuja was the IPE Plus Fund’s founder and chief investment officer (CIO).
Based on his biography and exchange reports, he was a director of Adani Enterprises for three periods totaling nine years, ending in June 2017, according to Hindenburg. It stated that he had previously served as an Adani Power director.
Adani Group Response
In response to these allegations, the Adani Group stated that Anil Ahuja, who was referenced in the study, was a nominated director of Adani Power’s 3i investment fund from 2007 to 2008 and a director of Adani Enterprises till 2017.
However, the Adani Group has said unequivocally that it has no business relationship with any of the individuals or entities mentioned in what they describe as a deliberate attempt to harm their reputation.
In addition, the head of SEBI stated that Dhaval had a long-standing friendship with the fund’s chief investment officer, Anil Ahuja, from both the school and IIT Delhi, which was a factor in the decision to invest in the fund. The main factor in their investment choice was Ahuja, who had a successful investing career with expertise at Citibank, J.P. Morgan, and 3i Group plc.
The announcement said, “We redeemed the investment in that fund when Mr. Ahuja left his position as CIO of the fund in 2018.” Along with Ahuja’s confirmation, they also verified that the fund never invested in any bonds, stocks, or derivatives belonging to any Adani group companies.
What Expert Thinks About Adani Shares Fall?
Vinit Bolinjkar of Ventura Securities does not think seriously of the assertions made by Hindenburg.”They are reusing identical materials. Without providing any proof of criminal activity, they are attempting to link one incident to another. It’s recycled and desperate old wine in a new bottle.”
Although Bolinjkar noted that the research might have a short-term effect on Adani stocks and the market, they should shortly rebound. Any significant decline in Adani Group stocks, according to Bathini, might represent a buying opportunity.
According to WealthMills Securities Director of Equity Strategy Kranthi Bathini, stock values are dependent on profits.
Bathini said he would be more worried if the Hindenburg report brought up any points that would affect the profits of the Adani company. “The bulk of the claims in the report are already known to the market,” he stated, excluding the SEBI Chair’s accusations.
There have been these rumors for some time. I doubt the new report will have a major negative impact on the Adani group’s profits potential in the medium to long term, aside from a possible knee-jerk reaction that lasts a day or two.”