Adani Enterprises share hits upper circuit after rebuttal of Hindenburg Research

Among other Adani group stocks, Adani Ports shares too hit upper circuit on BSE and NSE within few minutes of stock market’s opening bell today. Like Adani Enterprises shares, Adani Ports share price today opened upside and hit upper circuit after ascending 10 per cent higher from its Friday close of ₹596.95 per share levels. Shares or ACC Ltd and Ambuja Cements too witnessed buying interest in early morning session on Monday deals.

However, fate of other Adani group stocks didn’t changed and they continued their losing spree on third straight session on Monday. Adani Power share price today opened downside and locked-in 5 per cent lower circuit on third day in a row. Adani Total Gas share price too witnessed heavy sell off pressure in early morning session and hit lower circuit on second successive session.

Adani Green Energy shares also witnessed selling pressure in opening bell today and hit fresh 52-week low of ₹1,216.05 on NSE.

Adani group’s rebuttal of Hindenburg research report

In fresh and strong rebuttal against Hindenburg Research report company’s debt positioning, Adani group said that Hindenburg report has been made with a clear intent to profiteer at the cost of our shareholders and public investors. Its report is neither “independent” nor “objective. It is a manipulative document that is rife with conflict of interest and intended only for creating a false market in securities to book wrongful gain, which clearly constitutes securities fraud under Indian law.

“Of the 88 questions posed by Hindenburg, it is pertinent to note that 68 refers to the matters that have already been duly disclosed by Adani Group companies in their respective annual reports, offering memorandums, financial statements and stock exchange disclosures from time to time. Sixteen out of 20 questions are pertaining to public shareholders and their sources of funds, while the balance four are simply baseless allegations. Needless to say that Hindenburg has created these questions to divert the attention of its target audience while managing its short trades to benefit at the cost of investors,” Adani group counter alleged.

Alleging Hindenburg Research report on Adani group debt positioning as an attempt to sabotage their most ambitious Adani Enterprises FPO, Adani group said, ” We take serious objection to Hindenburg that chose to mislead the investors, watchdogs and policy makers at a time when Adani Group has launched country’s largest FPO,” adding, ” Hindenburg Research has come up with a document covering selective and twisted extracts of already disclosed information to raise questions in the minds of Indian and global investors to mislead them about Indian growth story. It is an attack on the trust of Adani Group’s stakeholders undermines its commitment for the ‘Growth with Goodness’.”